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New Quarterly filing from Jan

Mackie (Entrepreneur ) (287 Points)

30 December 2020

hello

can someone explain this new quarterly filing scheme applicable from Jan in simple words which can be understood by a layman. They claim it is simplified but after reading it I find it very confusing or haven't understood it properly? Is it worth moving to this scheme or should I simply opt out and stick to current scheme?

Thanks!

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5 Replies

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 30 December 2020

Opting new scheme , monthly return filing burden is reduced , but tax payment must do with monthly ...

If u okei with the current scheme ...follow that

1 Like

Mackie (Entrepreneur ) (287 Points)
Replied 30 December 2020

I think its quite a hassle for people involved in B2B. it seems by default we have been moved to quarterly, and we need to log in to gst portal and select 3b as monthly, isnt it?

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 30 December 2020

Yes , check with december months return !

1 Like

Mackie (Entrepreneur ) (287 Points)
Replied 31 December 2020

while opting out of the scheme and selecting "monthly", the system shows monthly last date of filing for GSTR1 and 3B. Is it like if we opt for monthly filing of 3b then gstr1 filing will also become monthly even if we are filing gstr1 quarterly currently?

Mackie (Entrepreneur ) (287 Points)
Replied 03 January 2021

hello can someone confirm that if I opt out of gstr3b quarterly filing scheme then I will have to file both 3b and gstr1 on a monthly basis irrespective of my turnover and even if currently I am filing gstr1 on a quarterly basis, ...is it right? pls. confirm.