GSTR 3B (Quarterly)

 What is GSTR-3B Quarterly Return?

GSTR-3B Quarterly Return is a summary return that eligible taxpayers can file every quarter instead of every month. However, these taxpayers still need to make tax payments on a monthly basis using a simplified challan.

2. Who is eligible for the QRMP scheme?

Taxpayers with an aggregate annual turnover of up to Rs. 5 crores in the preceding financial year are eligible to opt for the QRMP scheme.

3. How to opt for the QRMP scheme?

Eligible taxpayers can opt for the QRMP scheme on the GST portal. The option to avail the QRMP scheme must be exercised throughout the year, and it will be applicable from the first day of the next quarter.

4. Filing Timeline for GSTR-3B under QRMP

• Quarterly Return Filing: The GSTR-3B return is filed on a quarterly basis.
• Monthly Tax Payment: Tax payments are made monthly through Form PMT-06 by the 25th of the following month for the first two months of the quarter. The tax for the third month is paid while filing the quarterly GSTR-3B return.

5. Key Details to be Reported in Quarterly GSTR-3B

The quarterly GSTR-3B requires the same details as the monthly GSTR-3B:

• Summary of outward supplies (sales)
• Summary of inward supplies (purchases) liable to reverse charge
• Input tax credit (ITC) details
• Tax liabilities
• Payment of tax, including interest and late fees if applicable

6. Benefits of the QRMP Scheme

• Reduced Compliance: Filing returns quarterly reduces the frequency of return filing from 12 to 4 times a year.
• Simplified Tax Payments: Monthly tax payments are simplified through Form PMT-06.
• Ease of Cash Flow Management: Provides better cash flow management for small businesses by reducing the compliance burden.

7. Consequences of Late Filing or Non-Filing

If the quarterly GSTR-3B is not filed on time:

• Late Fee: Rs. 50 per day of delay (Rs. 20 per day for nil returns).
• Interest: 18% per annum on the outstanding tax amount.

8. Can GSTR-3B Quarterly Return be Revised?

No, GSTR-3B cannot be revised once filed. Any errors or omissions must be corrected in the subsequent quarter’s return.

9. Exemptions from Filing GSTR-3B Quarterly

The QRMP scheme is not applicable to:

• Composition scheme taxpayers
• Non-resident taxable persons
• Input Service Distributors (ISD)
• Taxpayers with nil transactions (although a nil GSTR-3B must still be filed)

10. Transition Between Monthly and Quarterly Filing

Taxpayers can opt in or out of the QRMP scheme at the beginning of any quarter if they meet the eligibility criteria. This provides flexibility for businesses to choose the filing frequency that best suits their operational needs.

11. Steps to File GSTR-3B Quarterly Return

• Login: Access the GST portal with your credentials.
• Navigate: Go to Services > Returns > Returns Dashboard.
• Select Period: Choose the relevant financial year and return filing period.
• Fill Form: Enter the required details in the GSTR-3B form.
• Payment: Pay any outstanding tax liabilities using Form PMT-06 for the first two months and include the third month's liability in the quarterly return.
• Submit: Review and submit the form.

12. Recent Updates and Notifications

Taxpayers should regularly check the GST portal and notifications from the GST Council for updates regarding the QRMP scheme, GSTR-3B filing procedures, due dates, or any other relevant changes.

By understanding and adhering to the requirements of the GSTR-3B Quarterly Return under the QRMP scheme, eligible taxpayers can ensure compliance with GST regulations while benefiting from reduced compliance burdens. If you have any more questions or need further assistance, feel free to ask!

• What is GSTR-3B Quarterly Return? GSTR-3B Quarterly Return is a simplified summary return that certain eligible taxpayers can file every quarter instead of monthly. However, the tax payments are still made on a monthly basis through a simplified challan.
• . Who is eligible for the QRMP scheme? Taxpayers who have an aggregate turnover of up to Rs. 5 crores in the preceding financial year can opt for the QRMP scheme and file GSTR-3B quarterly.
• . How to opt for the QRMP scheme? Eligible taxpayers can opt for the QRMP scheme on the GST portal. The option to avail of the QRMP scheme can be exercised throughout the year, and it applies from the first day of the next quarter.
• Filing Timeline for GSTR-3B under QRMP Quarterly Return Filing: The GSTR-3B return is filed every quarter. Monthly Tax Payment: Tax payments are made on a monthly basis using Form PMT-06 by the 25th of the following month for the first two months of the quarter. The third month’s liability is paid along with the quarterly GSTR-3B.
• Key Details to be Reported in Quarterly GSTR-3B The details required are similar to those in the monthly GSTR-3B: Summary of outward supplies (sales) Summary of inward supplies (purchases) liable to reverse charge Input tax credit (ITC) details Tax liabilities Payment of tax, including interest and late fees if applicable

1. Organizational Information:

   • Details about the organization including legal name, business address, nature of business activities, and GSTIN (Goods and Services Tax Identification Number).

2. Quarterly Summary of Outward Supplies:

   • A summarized view of all outward supplies made during the quarter, including:
     • Taxable value
     • Integrated Goods and Services Tax (IGST)
     • Central Goods and Services Tax (CGST)
     • State Goods and Services Tax (SGST) or Union Territory Goods and Services Tax (UTGST)

3. Quarterly Summary of Inward Supplies:

   • A summary of all inward supplies (purchases) during the quarter, including:
     • Taxable value
     • IGST
     • CGST
     • SGST/UTGST

4. Input Tax Credit (ITC) Details:

   • Details of eligible ITC claimed on inward supplies (purchases) during the quarter, including:
     • IGST
     • CGST
     • SGST/UTGST

5. Tax Payments and Utilization:

   • Details of the total GST liability for the quarter and the utilization of ITC and cash for payment, including:
     • IGST paid using ITC
     • CGST paid using ITC
     • SGST/UTGST paid using ITC
     • IGST paid in cash
     • CGST paid in cash
     • SGST/UTGST paid in cash

6. Additional Payments, Interest, and Late Fees:

   • Declaration of any additional tax payments, interest, or late fees applicable for the quarter, if any.

7. Adjustments and Reversals:

   • Information on any adjustments or reversals of ITC claimed in previous quarters, if applicable.

8. Declaration of Compliance:

   • A declaration certifying the accuracy and completeness of the information provided in GSTR-3B for the quarter.

9. HSN Summary:

   • A summary of HSN (Harmonized System of Nomenclature) codes for goods:
     • Classify goods based on HSN codes and report taxable value and tax amounts accordingly for the quarter.

10. Digital Signature (if applicable):

    • Ensure that the GSTR-3B form is digitally signed, where required, to authenticate the accuracy and completeness of the information provided.

11. Supporting Documents:

    • While not always submitted with the return, maintain supporting documents such as sales and purchase registers, invoices, credit/debit notes, and payment receipts that substantiate the information reported in GSTR-3B for the quarter.

12. Internal Controls and Procedures:

    • Describe internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations for GSTR-3B on a quarterly basis.