All the assessee whose average turnover is up to Rs 5cr will need to provide an option to file their Form New Option in GSTR 2B & 3B, GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on the quarterly grounds. In this article, we will discuss Update in GSTR-1, 2B & 3B Forms.
Update in GSTR-1, 2B & 3B Forms
All the businesses whose average turnover is up to Rs 5cr will require to furnish an option to file their Form GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on quarterly grounds.
They have an intention to provide B2B invoice data in the Invoice furnishing facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter so to pass on the credit, in which the left invoices are desired to observe in the quarterly Form GSTR-1 of Month 3 (e.g. March).
New Option in GSTR 2B & 3B Forms Available Under QRMP Policy
The latest specification concern towards providing with the statement or returns through the assessee beneath QRMP scheme is available for Jan-Mar., quarter 2021, and is available for them and are clarified below:
Auto Generates of GSTR-2B, for QRMP Scheme
Form GSTR-2B possesses evidence of filed IFFs (for Month M1 or M2) and filed Form GSTR 1 (for Month M3)
Form GSTR 2B consider ists of 2 sections of ITC that is ITC open and ITC not opened (that generates from the suppliers filed IFF) and Form GSTR-1 imports etc). It certainly comprises of tax liability of the assessee ( which generates from the assessee’s own filed IFF and Form GSTR-1.
The assessee can detect and download their system created quarterly Form GSTR-2B for Jan-March 2021 quarter through dabbing on Auto-drafted ITC statement for the quarter on 14th April 2021, by opting the last month of the quarter (M3)
Auto-population of ITC in GST Return 3B for QRMP Policy
The numbers of ITC current & ITC to be modified will now be auto-populated in Table 4 of GSTR-3B, towards the QRMP assessee, via a system-generated quarterly Form GSTR3B
Upon the GSTR-3B dashboard page, the other button ‘System calculated GSTR-3B’ is provided through tapping in which the system calculated Form GSTR-3B can be downloaded inside the PDF form. The assessee can edit the auto-drafted values according to the documents and save the new evidence. If the ITC began is extended by more than 5% or ITC to be reversed is reduced then the system will provoke the warning message.
Moreover, If you want any other guidance related to GST Registration or GST Return filing, please feel free to talk to our business advisors at 8881-069-069.
Download E-Startup Mobile App and Never miss the freshest updates narrating to your business.