GST Returns Monthly & Quarterly in Tally Prime

 

GST Returns Monthly & Quarterly

 

GST returns filing through QRMP or Quarterly returns monthly payment was introduced in July 2019, with the purpose of reducing the cost of return compliances of businesses from monthly to quarterly filing. The system was executed a year after its introduction in October 2020.

 

Types of GST Returns

 

GST returns can be filed in two ways, one involves filing monthly returns and monthly payment of taxes, while the other involves filing quarterly returns and monthly payment of taxes. While the former is mandatorily required to be opted by businesses with aggregate monthly turnover of more than Rs.5 crore, the latter can be opted by businesses whose aggregate quarterly turnover is equal to or less than Rs. 5 lakhs.

 

The table below draws a stark distinction between the two systems of filing returns and payments of the goods and services tax.

 

Parameters	Monthly	Quarterly
Point of Applicability	Mandatory if aggregate annual turnover is more than Rs.5 crores	Can be opted if the aggregate annual turnover is upto Rs. 5 crores
Number of Returns	12 for 12 months Forms: GSTR 1 and GSTR 3B	4 returns for 4 quarters in a year Forms: GSTR 1 and GSTR 3B
Calculation and payment of taxes	Every Month	Payment of taxes every month. Filing of returns every quarter.
Calculation	Actual Basis	Fixed sum Self-assessment method
Payment	GSTR 3B	PMT-06 for the first two months of the quarter. Third month- GSTR 3B
Invoice Furnishing Facility	Not Required as returns for inward and outward supplies are filed each month	Can be availed
Due Dates	GSTR 1- 11th day of the following month GSTR 3B- 20th day of the following month	GSTR 1- 13th day of the following month after the end of the quarter. GSTR 3B- 22nd or 24th (according to the state) day of the following month after the end of the quarter IFF- 13th day of the following month for the first two months of the quarter (GSTR 3B will be used in the third month) PMT 06- 25th day of the following month for first two months of the quarter (GSTR 3B will be used in the third month)
Suitability	B2B transactions Dissimilar pattern of sales Highly unpredictable turnover	B2C transactions Similar pattern of sales Limited transactions