Only 4 sales returns for small biz next yr

New Delhi, Dec. 7: Businesses with up to Rs

5 crore turnover will have to file only four GST sales returns, or GSTR

3B, from January instead of 12 at present, according to sources.

The Quarterly filing of Return with Monthly Payment (QRMP) Scheme would impact almost 94 lakh taxpayers, about 92 per cent of the total tax base of the goods and services tax (GST), the source added.

With this, from January onwards, small taxpayers would need to file only eight returns (four

GSTR-3B and four GSTR

1 returns) in a year, one of the sources said.

The source further said the scheme also brings in the concept of providing input tax credit (ITC) only on the reported invoices, thereby putting a curb on the menace of fake invoice frauds.

Sources said the QRMP scheme has an optional invoice filing facility (IFF) to mitigate business-related hardships for the small and medium-sized taxpayers.

Under the facility of IFF, the small taxpayers who opt to be quarterly return filers under the QRMP scheme would be able to upload and file such invoices even in the first and second month of the quarter for which there is a demand from the recipients.

Further, this would engage buyers who earlier used to avoid purchase from the small taxpayers for want of uploading invoices in the system on a monthly basis, the sources said.

According to the sources, the taxpayers would need not upload and file all the invoices for the month and could upload and file only those invoices required to be filed in IFF as per demand of the recipients.

The remaining invoices of the first and second months can be uploaded in the quarterly GSTR-1 return. The IFF would be available up to a cut-off date and credit would flow to the recipient after the cut-off date on filing of the IFF, they added.