GST NEWS BULLETIN

Last Date for Changing Return Filing Preference for April to June 2021 Quarter

The Quarterly Return Monthly Payment (QRMP) Scheme was implemented w.e.f. 1st January 2021 where the taxpayers having aggregate turnover up to Rs. 5 crores can opt for the scheme. The return filing frequency for such taxpayers is on a quarterly basis i.e. the taxpayers are required to file their GSTR-1 & GSTR-3B once in a quarter.

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Fresh Changes Introduced on the GST Common Portal

For the ease of taxpayers to keep a track of their returns filed, the GSTN (Goods & Service Tax Network) has started displaying a short summary of the returns filed for the last 5 return periods as depicted below.

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EVC Facility Extended to Companies for Filing GSTR-1/IFF & GSTR-3B

The Central Board of Indirect Taxes & Customs (CBIC) has issued Notification No. 07/2021 – Central Tax, dated 27th April, 2021 for providing the facility to companies to file their GSTR-1/IFF & GSTR-3B during the period from the 27th day of April, 2021 to the 31st day of May, 2021 using Electronic Verification Code (EVC).

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CBIC Issued Advisory in Implementation of Improved Functionality of PMT-03

The PMT-03 functionality available at present in the online refund module is only for re-crediting of the rejected amount that has been debited at the time of filing of refunds. In order to enable the operationalisation of re-crediting of ITC sanctioned as refund towards tax wrongly paid or paid in excess by debiting the credit ledger, a new enhanced PMT-03 functionality has been deployed in the system. This new functionality is applicable only to the following 4 types of refund as mentioned below :

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