Good News for Small & Medium Business Entrepreneur: GST Rules Changing from 1st Jan 2021. If you are a small and medium business entrepreneur, this is really good news for you! In a welcome move to ease the burden on small taxpayers, the Government has decided to roll out the quarterly filing of GST returns with monthly payment. On 5th December, the Government announced the launch of the QRMP (Quarterly filing of Return with Monthly Payment) Scheme from 1st January 2021. This new scheme is going to impact about 94 lakh taxpayers; which is almost 92% of the current tax base in the GST domain.
As per this scheme, from January onwards, it is sufficient for small taxpayers to file only eight GST returns (four GSTR 1 and four GSTR 3B) in a financial year. As of now, a taxpayer needs to file 16 returns in a financial year. The taxpayers will be able to make GST payments every month through challan either by self-assessment of monthly liability or 35% of his net cash liability of GSTR-3B of the previous quarter.
Are you eligible for this scheme?
You will be eligible to avail of this scheme if-
Please note that a taxpayer can opt-in and opt-out of this scheme as and when he wants.
What are the advantages of this scheme?