GST payers now to fill just 4 GSTR-3B forms instead of 12

New Delhi, Dec 7 : Come January 1 and GST payers would need to fill only 4 GSTR-3B returns in a year instead of 12 returns at present.
In a major reform, the government has eased the return filing experience for the GST taxpayers with the introduction of Quarterly filing of Return with Monthly Payment (QRMP) Scheme.
The scheme would impact almost 94 lakh taxpayers, about 92 per cent of the total tax base of the GST, who have an annual aggregate turnover (AATO) up to Rs 5 crore, said sources in the Department of Revenue (DoR).
With quarterly scheme put to practice in GST, according to DoR sources, the small taxpayer from January onward would need to file only 8 returns (4 GSTR-3B and 4 GSTR-1 returns) instead of 16 returns at present in a financial year. Also, the taxpayers’ professional expenses on return filing would get reduced significantly for they would be required to file just half the number of returns in place of 16 at present.
The scheme would be available on the GST common portal with a facility to opt in and opt out and again opt in, if one wishes so.
Sources said that this also bring in the concept of providing input tax credit (ITC) only on the reported invoices, thereby put a significant curb on the menace of fake invoice frauds.