QRMP SCHEME

Attention GST Taxpayers Who Are Under QRMP Scheme

Attention GST taxpayers who are under QRMP Scheme and having principal place of business in Group-2 states. The last date to file GSTR-3B Return for the quarter January- March 2022 is 24th April 2022. Late filing of GSTR-3B Return will attract late fees and interest. Group-2 states: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, …

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Latest GST News, Information, Notifications & Announcements

Alert For Taxpayers Who Are Under QRMP Scheme in GST

Attention Taxpayers who are under QRMP Scheme in GST. Today is the last date to file your GSTR-1 Return for the quarter October, 2021 to December, 2021. If you will not file your GSTR-1 return for the said quarter today, then corresponding ITC will not be available to buyers in their GSTR-2B as per section …

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Tax Concept’s Representation Seeking Extension Of Due Dates For Filing GSTR-1/ IFF For The Month Of October 2021 Due To Festivals Like Dhanteras, Deepawali And Chhath Puja

Ref.: TC/GST/21-22/1 Date: 09.11.2021 To, The Central Board of Indirect Taxes and Customs, North Block, New Delhi- 110001 Sub.: Request for extension of due dates for filing GSTR-1/ IFF for the month of October 2021 due to festivals like Dhanteras, Deepawali and Chhath Puja. Respected Madam/ Sir, Tax Concept is a well known platform formed …

Tax Concept’s Representation Seeking Extension Of Due Dates For Filing GSTR-1/ IFF For The Month Of October 2021 Due To Festivals Like Dhanteras, Deepawali And Chhath Puja Read More »

Removing Doubts: What is The Actual Due Date for Claiming ITC of FY 2020-21

Removing Doubts: What is The Actual Due Date for Claiming ITC of FY 2020-21

Almost all taxpayers and professionals are thinking that last date for claiming ITC of FY 2020-21 is 20th October 2021. But it is not correct. To understand this, let read the lines of section 16(4): “A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note …

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Business Concept’s Daily E-News Letter- 25-09-2021 Only for TC VIP Users-Image-2021-01-03-at-4.49.14-PM-832fb522

Business Concept’s Daily E-News Letter- 25-09-2021 Only for TC VIP Users

Business Concept’s Daily E-News Letter- 25-09-2021 Please Click on Read More » to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] GST & Income Tax Net Direct Tax Collections Till September 22 Grews 74%, Says Finance Ministry Gross direct …

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Summary of Recnet GST changes-1a7271b2

Recent updates in GST

Summary of Recent updates in GST Important changes in QRMP Scheme Upcoming functionalities to be deployed on GST Portal GSTN enables Request for adjournment for Personal Hearing in GST portal Enabled mechanism to disallow use of same Certificate of Origin number in more than one Bill of Entry (BOE) in certain cases w.e.f. July 08, …

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GST

GSTN Shares Insights on Important Changes Related to QRMP Scheme Implemented on the GST Portal for the Taxpayers

Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below: A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter & Form GSTR-1 for …

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Compilation of Reliefs Provided in GST Compliance as well as GST Payment in the Wake of Second Wave of COVID-19

As Indian businesses are severely affected from the second wave of COVID-19, the government has provided reliefs in GST compliance as well as payment. The compilation of these reliefs are as under for the kind reference of taxpayers and professionals: (1.) Waiver of interest and late fee to normal taxpayers (filing return on monthly or …

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New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme

The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. Auto Generation of Form GSTR-2B, for the QRMP taxpayers a)Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3). b)Form …

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Extension of the due date of filing Application for Revocation of Cancellation of Registration

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for Taxpayers in QRMP Scheme

With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March).

CBIC is organising a webinar on QRMP Scheme, E-Invoicing and HSN requirements in GST Invoicing on March 26, 2021

CBIC organising a LIVE webinar on QRMP Scheme E-Invoicing and HSN Directorate General CBIC organising a LIVE webinar on QRMP Scheme E-Invoicing and HSN Taxpayer Services, CBIC is organising a webinar on QRMP Scheme, E-Invoicing and HSN requirements in GST Invoicing on March 26, 2021. Webinar details in creative below 👇 https://t.co/nHsWpmNhLj

Don’t Forget to Avail the Benefit of QRMP Scheme in GST before 31 January, 2021

Government has launched Quarterly Return Monthly Payment (QRMP) Scheme in GST in order to accomplish the target of Ease of Compliance and Ease of Doing Business. To avail the benefit of this scheme, government has notified due dates, after which we can avail this scheme in next quarter. So, for the quarter January- March, 2020, the due date to opt QRMP Scheme is 31st January, 2021.

Changes in GST Rates From 1st January 2022:

CBIC issues FAQs on Quarterly Return Monthly Payment (QRMP) Scheme in GST

What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme? Answer: QRMP scheme is for small taxpayers to file their FORM GSTR1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through a simple challan. Is this scheme available to everyone? Answer: No. This scheme is available only to those who are …

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