Taxpoint: GST Council allows quarterly filing of GSTR-3B for Turnover of less than Rs. 5Cr

GST Council allows quarterly filing of GSTR-3B for Turnover of less than Rs. 5Cr

The 42nd GST Council meeting was held on 05/10/2020. It was chaired by our Hon’ble Finance Minister Smt. Nirmala Sitaraman. The meeting was also attended by MOS Shri. Anurag Thakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States.

The Council has made may important announcements with respect to GST Returns today. One of which is quarterly filing of GSTR-3B for Turnover of less than Rs. 5Cr.

This has been done as a further step towards reducing the compliance burden particularly on the small taxpayers having aggregate annual turnover < Rs. 5 cr., the Council’s earlier recommendation of allowing filing of returns on a quarterly basis with monthly payments by such taxpayers to be implemented w.e.f. 01.01.2021. Such quarterly taxpayers would, for the first two months of the quarter, have an option to pay 35% of the net cash tax liability of the last quarter using an auto-generated challan.