Latest Updates and Changes in GST Filing Norms

Posted In | Finance | Accounting Software | India Accounting Tax

The Goods and Services Tax (GST) has been a game-changer for the Indian economy since its implementation in 2017. It has significantly simplified the tax structure by replacing multiple indirect taxes levied by the central and state governments. However, to ensure smoother operations and compliance, the GST Council regularly updates and modifies the GST filing norms. Here are the most recent changes that have been introduced.
 

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Quarterly Return Monthly Payment (QRMP) Scheme

The GST Council, in its 42nd meeting, introduced the Quarterly Return Monthly Payment (QRMP) Scheme, effective from January 2021. This scheme allows small taxpayers with an aggregate annual turnover of up to Rs. 5 crore in the preceding financial year to file GST returns on a quarterly basis while making monthly tax payments.
 

Extension of Due Dates

Considering the global pandemic's impact, the GST Council has extended several due dates. For instance, the due date for the annual return for the financial year 2019-20 has been extended to February 28, 2021. The due date for filing GSTR-9 and GSTR-9C for businesses with a turnover above Rs. 2 crores has also been extended.
 

Changes in Late Fees

The Council has also made changes in the late fee structure for the delay in filing returns. The late fee for delay in furnishing the annual return has been reduced to Rs. 500. Moreover, small taxpayers, who do not have any tax liability but have not filed the GSTR-3B return, will not be charged any late fee.
 

Auto-populated GSTR-3B form

To simplify the process further, the GST Council has decided to provide auto-populated GSTR-3B forms to taxpayers. This feature will be available from the tax period of November 2020 onwards, making the process more convenient for businesses.
 

Introduction of e-Invoicing

The GST Council has introduced e-Invoicing for taxpayers having a turnover above Rs. 500 crores from October 1, 2020. This system aims to eliminate the need for manual data entry and reduce errors and mismatches.
 

These changes are aimed at making the GST system more taxpayer-friendly and ensuring better compliance. Taxpayers need to keep themselves updated about these changes to avoid any non-compliance and the penalties associated with it.