Question ID : 40933

New GST returns

Under the new Scheme of GST returns wef 1-1-2021(For Turnover less than 5 crores) Either You have to file Monthly GSTR 1 and 3B or You can opt for filing monthly B2B data of sales,Pay taxes on monthly basis and then again submit B2C customers figures quarterly.Donot members agree that Second option is practically more cumbersome

Answer ID : 80878

It is almost same as the earlier option of quarterly returns wherein GSTR3B was required to be filed monthly with payment of taxes. However in the new scheme you need not give the exact amount of tax payable if you can pay off the 35% of taxes paid in the previous quarter in cash. Also the monthly upload of data in the IFF is optional and not mandatory. So if you have customers who want the invoices to be seen in their 2A/2B every month you will have to put the details monthly.

Answer ID : 80887

Filing monthly data of B2B customers is though optional at the moment but may not remain so in future because on one hand they expect you to claim GST input on the basis of input reflecting in GSTR 2B How the other party can claim purchase input if data by supplier is not loaded monthly

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