Government has allowed
further flexibility to tax filers operating under the Quarterly Return
Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax
filers will now be permitted to declare invoices pertaining to movement
of goods and services in their quarterly return form GSTR 1 to be filed
in the last month of each quarter.
As per an advisory issued by the Goods
and Services Tax Network (GSTN), the taxpayer must ensure 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 d using RESET button before filing GSTR-1 for Jan-Mar-2021
quarter. The advisory added that the d records should be added in GSTR-1
for Jan-Mar-2021 quarter after deleting the saved records from IFF. In
future this may not be required as invoices already saved in any of the
months on the quarter may be either d/moved to quarterly GSTR-1 by
functionality to be introduced shortly.
The advisory also said 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
issued for filing quarterly GSTR-1 for January – March 2021 under QRMP
scheme. The taxpayers under QRMP scheme have a facility to file Invoice
Furnishing Facility (IFF) in first two months of the quarter and file
Form GSTR-1 in third month of the quarter.
Social media is bold.
Social media is young.
Social media raises questions.
Social media is not satisfied with an answer.
Social media looks at the big picture.
Social media is interested in every detail.
social media is curious.
Social media is free.
Social media is irreplaceable.
But never irrelevant.
Social media is you.
(With input from news agency language)
If you like this story, share it with a friend!
0 Comments