Small and Medium Businesses (SMBs) and start-ups in India have been grappling with various GST-related issues since its implementation in 2017. In an effort to simplify the tax compliance process for these businesses, the government has introduced the QRMP (Quarterly Return filing and Monthly Payment of Taxes) scheme. Under this scheme, businesses with a turnover of up to Rs. 5 crores can file their GST returns and pay taxes on a quarterly basis. This has come as a big relief for SMBs and start-ups, as they now have more time and flexibility to manage their finances.
The government has recently introduced some new features in Form GSTR-2B and GSTR-3B, which are applicable to businesses under the QRMP scheme. These features aim to further simplify the GST filing process for SMBs and start-ups. Let’s take a look at these new features:
Form GSTR-2B is a document that contains details of inward supplies or purchases made by a registered taxpayer. This document is auto-populated and made available to the taxpayer on a monthly basis. The new features introduced in Form GSTR-2B under the QRMP scheme are:
Form GSTR-3B is a monthly return that needs to be filed by all registered taxpayers. The new features introduced in Form GSTR-3B under the QRMP scheme are:
The introduction of the QRMP scheme and the new features in Form GSTR-2B and GSTR-3B have come as a big relief for SMBs and start-ups in India. These businesses can now file their GST returns and pay taxes on a quarterly basis, which gives them more time and flexibility to manage their finances. The new features in Form GSTR-2B and GSTR-3B under the QRMP scheme further simplify the GST filing process and make it easier for businesses to comply with the regulations. It is a step in the right direction towards a more business-friendly tax system in India.
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