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TMI BlogQuarterly Return Monthly Payment SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Notification issued in the G.O. Ms.No.19, Revenue (CT-II) Department, dated, 04-02-2021 (Notification No. 81/2020- Central Tax, dated 10.11.2020. Notifies amendment carried out in sub- section (1), (2) and (7) of section 39 of the APGST Act vide Act No 37 of 2019. 2. Notification issued in the G.O. Ms. No. 67, Revenue (CT-II) Department, dated, 16-03-2021 (Notification No.82/2020- Central Tax, dated 10-11-2020. Makes the Thirteenth amendment (2020) to the APGST Rules 2017. 3. Notification issued in the G.O. Ms. No. 22, Revenue (CT-II) Department, dated, 04-02-2021 (Notification No 84/2020- Central Tax, dated 10.11.2020. Notifies class of persons under proviso to section 39(1) of the APGST Act. 4. Notification issued in the G.O. Ms. No. 21, Revenue (CT-II) Department, dated, 04-02-2021 (Notification No.85/2020- Central Tax, dated 10.11.2020. Notifies special procedure for making payment of tax liability in the first two months of a quarter 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntinue to furnish the return as per the selected option for future tax periods, unless they revise the said option. 4.3 For the first quarter of the Scheme i.e. for the quarter January, 2021 to March, 2021, in order to facilitate the taxpayers, it has been decided that all the registered persons, whose aggregate turnover for the FY 2019-20 is up to 5 crore rupees and who have furnished the return in FORM GSTR-3B for the month of October, 2020 by 30th November, 2020, shall be migrated on the common portal as below. Therefore, taxpayers are advised to furnish the return of October, 2020 in time so as to be eligible for default migration. The taxpayers who have not filed their return for October, 2020 on or before 30th November, 2020 will not be migrated to the Scheme. They will be able to opt for the Scheme once the FORM GSTR-3B as due on the date of exercising option has been filed. Sl.No. Class of registered person Default Option 1 Registered persons having aggregate turnover of up to 1.5 crore rupees who have furnished FORM GSTR-1 on quarterly basis in the current fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng for the Scheme would be required to furnish the details of outward supply in FORM GSTR-1 quarterly as per the rule 59 of the APGST Rule. 5.2 For each of the first and second months of a quarter, such a registered person will have the facility (Invoice Furnishing Facility- IFF) to furnish the details of such outward supplies to a registered person, as he may consider necessary, between the 1st day of the succeeding month till the 13th day of the succeeding month. The said details of outward supplies shall, however, not exceed the value of fifty lakh rupees in each month. It may be noted that after 13th of the month, this facility for furnishing IFF for previous month would not be available. As a facilitation measure, continuous upload of invoices would also be provided for the registered persons wherein they can save the invoices in IFF from the 1st day of the month till 13th day of the succeeding month. The facility of furnishing details of invoices in IFF has been provided so as to allow details of such supplies to be duly reflected in the FORM GSTR-2A and FORM GSTR-2B of the concerned recipient. For example, a registered person who has availed the Scheme wants to declar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nth of the immediately preceding quarter where the return was furnished monthly. For easy understanding, the same is explained by way of illustration in table below: i. In case the last return filed was on quarterly basis for Quarter Ending March, 2021: Tax paid in Cash in Quarter (January - March, 2021) Tax required to be paid in each of the months - April and May, 2021 CGST 100 CGST 35 SGST 100 SGST 35 IGST 500 IGST 175 Cess 50 Cess 17.5 ii. In case the last return filed was monthly for tax period March, 2021: Tax paid in Cash in March, 2021 Tax required to be paid in each of the months April and May, 2021 CGST 50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the quarter and all other details required to be furnished therein. The amount deposited by the registered person in the first two months shall be debited solely for the purposes of offsetting the liability furnished in that quarter s FORM GSTR-3B. However, any amount left after filing of that quarter s FORM GSTR-3B may either be claimed as refund or may be used for any other purpose in subsequent quarters. In case of cancellation of registration of such person during any of the first two months of the quarter, he is still required to furnish return in FORM GSTR-3B for the relevant tax period. 8 Applicability of Interest 8.1. For registered person making payment of tax by opting Fixed Sum Method i. No interest would be payable in case the tax due is paid in the first two months of the quarter by way of depositing auto-calculated fixed sum amount as detailed in para 6.1(a) above by the due date. In other words, if while furnishing return in FORM GSTR-3B, it is found that in any or both of the first two months of the quarter, the tax liability net of available credit on the supplies made /received was higher than the amount paid in challan, then, no interest would be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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