The central government has declared further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of QRMP) scheme of GST.In this article we will discuss on Government allows further operational flexibility.
Government allows further operational flexibility
The government has enabled further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of QRMP) scheme of GST.
These tax filers will now be authorized to announce invoices relating to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter.
Further, as per an advisory published by the Goods and Services Tax Network (GSTN), the taxpayer must assure that any saved but not Filed/Submitted IFF (Invoice Furnishing Facility) records for the first two months of the quarter i.e. month of Jan-2021 or Feb-2021 must be deleted utilizing RESET button before filing GSTR-1 for Jan-Mar-2021 quarter.
The advisory expanded that the deleted documents should be added in GSTR-1 for Jan-Mar-2021 quarter after deleting the saved records from IFF. In future this may not be compelled as invoices already saved in any of the months on the quarter may be either deleted/moved to quarterly GSTR-1 by a functionality to be inaugurated quickly.
Further Notification by Central Government
The advisory also confessed that any submitted but not filed IFF for the month of Jan-2021 or Feb-2021 must be filed before filing GSTR-1 for Jan-Mar-2021 quarter. The advisory has been published for filing quarterly GSTR-1 for January – March 2021 under QRMP scheme.
Under the QRMP scheme have a capability to file Invoice providing Facility (IFF) in first two months of the quarter and file Form GSTR-1 in third month of the quarter. As IFF is an optional capability it cannot be filed after the end date (13th of the month accomplishing the IFF period).
Also, the statement saved in IFF, where taxpayer has not filed by the end date, cannot be filed anymore. Hence taxpayers have a been inquired to announce such document in the GSTR-1 for the quarter.
If you want any other guidance related to GST Registration or GST Return filing, please feel free to talk to our business advisors at 8881-069-069.
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