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GST Council allows Quarterly filing of GSTR-3B and GSTR-1 for less than 5cr Turnover

The 42nd GST Council Meeting held today has decided to allow the quarterly filing GSTR-3B & GSTR-1 returns having less than five crores turnover

A taxpayer with an annual turnover less than Rs. 5 Crore need not file monthly returns (GSTR-3B and GSTR-1); 


From Jan 1, 2021, filing of quarterly GST returns will do, However, since states require money every month, payments can be made through challan every month, even though returns can be filed every quarter, however since states need money monthly, a taxpayer can pay 35 % of the tax paid in the previous quarter in first two months of a quarter and pay the entire tax due in the third month, Revenue Secretary Ajay Bhusan Pandey Said.


GST Council’s decision to make returns for small taxpayers on a quarterly basis rather than a monthly basis will be a major relief to small taxpayers No. of returns comes down from 24 monthly returns to 8 returns, from 1st January 2021.


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