: CBIC reminds taxpayers of last date for filing GST #FinanceIndia #StockMarketNEWS CBIC reminds taxpayers of last date for filing GST New Delhi, Jan 20 (KNN) The Central Board of Indirect Taxes and

@StockMarketNEWS Tue 25 Jan, 2022

Posted in: #FinanceIndia #StockMarketNEWS

CBIC reminds taxpayers of last date for filing GST #FinanceIndia #StockMarketNEWS
CBIC reminds taxpayers of last date for filing GST New Delhi, Jan 20 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) has reminded the GST taxpayers that today is the last date for filing GSTR-5, GSTR- 5A, and GSTR-3B for the taxpayers who are not under the Quarterly Return Monthly Payment (QRMP) scheme.

Late filing of GSTR-3B return will attract late fees and interest.

While taxpayers who are under the QRMP Scheme and have a principal place of business in State Group 1 can file their quarterly GSTR-3B returns for October to December 2021 till January 22, 2022.

CBIC has issued this due date for businesses having a principal place in Gujarat, Madhya Pradesh, Chhattisgarh, Daman& Diu, and Dadra & Nagar Haveli, Maharastra, Telangana, Goa, Karnataka, Andhra Pradesh, Puducherry, Tamil Nadu, Kerala, Lakshadweep, Andaman, and the Nicobar Islands.

Taking another step towards the goal of Ease of doing business and to provide relief to small taxpayers, the GST council introduced the QRMP scheme in the 42nd Council meeting.

As indicated from the scheme’s name Quarterly Return Monthly Payment scheme (QRMP) is a scheme to file returns on a quarterly basis but make payments on a monthly basis, which will lead to reducing the burden of return filing compliance, CBIC said in atweet.

From 1st January 2021, the Central Board of Indirect Taxes and Customs (CBIC) introduced the QRMP scheme under GST to help small taxpayers whose turnover is less than ? 5 crore. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month beginning from January-March,2021 period.

Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35% of net cash liability of previous filed GSTR-3B of the quarter.