In this Webinar, Sunil Kumar & Deepali Mishra have shared an overview on the New GST Return System for Taxpayers effective from 01.01.2021, and its impacts on Indian Businesses. Coverage of the Webinar: 1. Existing GST Return System • Existing GST Return System • Details of E-invoices in Form GSTR-1 2. All About Quarterly Return Monthly Payment (‘QRMP’) Scheme • QRMP Scheme • About Invoice Furnishing Facility (‘IFF’) • Payment of Tax under QRMP Scheme • Interest and Late Fees • Due Dates under QRMP Scheme • Manner of Availment and Non-Availment of scheme • Illustrations on opting in and opting out 3. New GST Return System Small Taxpayers • New Return System-Small taxpayers (QRMP Scheme) 4. GST Return System Other Taxpayers • New Return System - Other Taxpayers

1. New GST Return
System for Small
Taxpayers and its
impact on India INC
Taxmann’s Indirect Tax R&D Team

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CONTENTS
1.
2.
Existing GST Return System
All about Quarterly Return Monthly Payment (‘QRMP’) Scheme
3.
4.
New GST Return System Small Taxpayers
GST Return System Other Taxpayers
5. Q & A

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Tips forAttendees
 Your mike is on mute. You will not be able to communicate during the session.
 However, you may post your questions in the chat box given on your right-hand side.
 Your questions will be answered by the speaker after the session or during the session by the R&D Team.
 After the session, you will get the copy of this presentation for your future references.

4. 01. Existing GST Return System

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Updated based on near real the
filing of GSTR 1 by vendors
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1
4
Existing GST Return System
Supplier
Form GSTR-1: Monthly/
Quarterly** statement of
outward supplies
Form GSTR-2A: Auto-
populated inward supply
details based on Form GSTR-
1, 5, 6 & Import & purchase
from SEZ Unit/Developer
(Goods)*
Recipient
Form GSTR-2B:
Auto Drafted ITC Statement
Information auto populated
from Form GSTR 1, 5, 6 Import
& purchase from SEZ
Unit/Developer (Goods)*
Due Date: 20th/ 22nd#/
24th#of succeeding month
Due Date:
11th of next month or
last date of next month**
*Information was coming on GSTN portal before its effective date of Notification (i.e. November 10, 2020)
**Due date applicable for taxpayers having aggregate turnover up to Rs 1.5 Crores in Previous Financial Year (‘PFY’)
#Due date of 22nd /24th shall be applicable for taxpayers having aggregate turnover of up to Rs. 5 crores in PFY
Form GSTR 3B: Detail of
output supply, Input Tax
Credit (‘TC ‘)and payment
of tax
Key Points:
• Filing status of supplier’s GSTR-3B and GSTR-1 can be viewed
• Form GSTR 2B shall be auto-populated by 12th of next month
• 2 parts – ‘ITC available summary’ & ‘ITC not available summary’
• ITC not available summary will include
- ITC beyond due date of Section 16(4)
- Where supplier’s GSTIN and place of supply are in same state but
recipient in other state
Available on 12th of
succeeding month
Generation of E-Invoice
(Aggregate turnover of
more than Rs 500 crores)
Auto-populated from Invoice
Registration Portal (‘IRP’)

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Details of E-invoices in Form GSTR-1
• E-invoice details are now auto-populating in Form GSTR 1 of the supplier
• Details would be auto-populated based on document dates
• Details of all E-invoices received from IRP including cancelled invoices would be available in an excel formats
• Invoice Registration Number (‘IRN’) generated till October, 2020 expected to be processed by November 23, 2020
• Processing of documents would have no effect on filing of Form GSTR-1 for October 2020 (it can be filed manually)
• E-invoices generated will be auto-populated into Form GSTR-1 in incremental manner
• Process for whole month will be completed by December 03 2020 (i.e. on T+2 basis)
• In Form GSTR 1 item level details in document will be aggregated at rate level
• Details of E-invoices auto-populated in Form GSTR-1 can be edited/deleted. Document edited/deleted would be
treated as a fresh document
Editing and
deleting
Auto-population
Auto-population –
Oct 2020
Auto-population –
Nov 2020 onwards
Reporting manner in
Form GSTR 1
• Form GSTR 1 of supplier would include the following:
a) Auto-Populated details of E-Invoice from IRP portal
b) Modified/Updated details of E-Invoice (these will be treated as separately uploaded)
c) Any other invoice not otherwise reported anywhere
d) Cancelled E-Invoice (it will automatically disappear from GSTR 1) and other details (like HSN summary etc)

7. 02. All About Quarterly Return and Monthly
Payment (‘QRMP’) Scheme

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Quarterly Return Monthly Payment (‘QRMP’) Scheme
``
About Scheme Eligibility of scheme Nature of the scheme
Effective from January 01, 2021
Compliances: Quarterly
• Under this new scheme, small
taxpayers would be required to file
Form GSTR 1 & Form GSTR 3B on
quarterly basis
Tax payment: Monthly
• Tax would be required to be paid on
monthly basis
IFF Facility
• Invoices can also be furnished on
monthly basis under Invoice furnishing
facility (‘IFF’)
Condition 1: Turnover condition
• Taxpayer having aggregate turnover up
to Rs. 5 Crores in PFY
• GSTN system auto-computes the
aggregate turnover (refer mail sent by
GSTN in August 2020)
Condition 2: Return Filing condition
(Form GSTR-3B):
• Scheme for the period Jan-Mar 2021:
Return for the month of October, 2020
should be filed by November 30, 2020
• Scheme for other tax periods:
Pending return(s) must be filed before
exercising the option
• Scheme is optional in nature. GSTN will
auto migrate the eligible taxpayers
• No Auto-migration of taxpayers having
aggregate turnover less than Rs. 1.5 crores
who currently have opted for monthly filing
of Form GSTR 1
• Once exercised, it shall be applicable
throughout the year/ future tax periods
• Time limit for initial phase - 5.12.2020 to
31.01.2021
• Scheme is GSTIN wise and not PAN wise

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About Invoice Furnishing Facility (‘IFF’)
Details of outward supply (invoice/debit notes/ Credit notes) made to registered person for first two months of
quarter can be reported through IFF facility. Facility is optional in nature
Details can be uploaded on Monthly basis by the supplier
Facility of continuous upload of invoices. Details can be uploaded from 1st to 13th day of the succeeding month
.
Time Limit
About IFF
Periodicity
Maximum of Rs. 50 Lakhs value of outward supply in each of the first two months of quarterMaximum Limit
Introduction of invoice furnishing facility is a welcome step as this would resolve the issue of reconciliation and mismatch of ITC in
relation to supply of goods/services made by a small taxpayer to other taxpayers filing monthly returns
No Duplicity Details uploaded using IFF need not to be re uploaded in Form GSTR 1

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Payment of Tax under QRMP Scheme
• Monthly payment using Form GST PMT 06. Tax paid can’t be used for other purposes
• Payment can be done under fixed sum method or on self assessment basis
• No requirement to pay tax where there is adequate balance in Cash Ledger
• Cash Ledger would be debited only at the time of filing Form GSTR 3B
Monthly Tax
Payment
B. Self Assessment basis
• Determination of tax on self assessment basis [(Output Tax – Input Tax credit) and other tax
liability]
• Auto drafted GSTR 2B, to ascertain eligible ITC for inward supplies
A. Fixed Sum Method
• 35% of the tax liability paid for the last quarter or 100% tax liability paid in the return for the
last month (as the case applicable)
• Form GST PMT 06 would be pre-filled

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Interest and Late Fees
``
Interest Late Fees
Late filing of Return:
• Late fees shall be applicable where there is
delay in filing the GST Return
Late payment of tax through Form GST
PMT 06:
• No Late fees would be applicable in this
case
Fixed Sum Method:
• No interest shall be applicable if
prescribed percentage (i.e. 35/100
%) of tax is paid within the due date
(i.e. 25th of succeeding month)
Self Assessment Basis:
• Tax shall be computed on self
assessment basis
• Interest would be applicable if tax is
not paid within the due date

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Form GSTR 1
Uploading invoices
through IFF
Form GST PMT 06
Form GSTR 3B
25th of succeeding month
22nd / 24th day of
succeeding quarter
Due Dates under QRMP Scheme
13th day of month
succeeding relevant
quarter
1st to 13th of succeeding
month

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Manner
Opt In
Opt Out
 Taxpayers having aggregate turnover up to Rs. 5
crores in PFY
 New Registration (registration in any quarter)
 Taxpayers opting out from composition scheme
 Taxpayers whose aggregate turnover exceeds Rs. 5
crore during a quarter in Current Financial Year
 Opt out on voluntary basis
Manner of Availment and Non-Availment of scheme
 Facility for opting in or opting out for a quarter will be available
from first day of second month of preceding quarter to the
last day of the first month of the quarter
 Taxpayers having aggregate turnover of less than Rs. 1.5
crores opted for monthly filing of Form GSTR 1 would not be
auto migrated. They would need to manually opt-in for the
scheme

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Time limit to opt out
01.09.2021 till 31.10.2021*
Time limit to opt in
01.05.2021 till 31.07.2021
1
APR 2021
Illustrations on opting in and opting out
Opt In 2 3 4 5 6
MAY 2021 JUN 2021 JUL to SEP 2021
1
JUL to SEP 2021
2 3 4 5 6Opt-Out
*Taxpayer would be required to file return on monthly basis from OCT 2021 onwards in case aggregate turnover exceeds Rs. 5 Crore during JUL –
SEP 2021
OCT 2021 NOV 2021 DEC 2021

15. 03. New Return System – Small
Taxpayers

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4
Updated based on the filing of
GSTR 1 by vendors
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5
New Return System-Small taxpayers(QRMP Scheme)
Supplier
Form GSTR-1:Statement
of outward supplies
Form GSTR-2A:
Auto-populated inward supply
on the basis Form GSTR-1,IFF
facility, 5, & 6
Import & purchase from SEZ
Unit/Developer (Goods)*
Recipient
Form GSTR-2B:
Auto Drafted ITC Statement
Information auto populated
from Form GSTR 1, 5, 6 and
import data received from
Icegate*
Due Date: 22nd/24th of
month succeeding quarter
Due Date: 13th of month
succeeding relevant
quarter
*IFF is an optional facility for the small taxpayers. Invoices uploaded as per this facility would not required to be uploaded again in Form GSTR 1
Form GSTR 3B: Return to
be filed on quarterly basis
Available on 14th of
succeeding month
Due Date: 25thof
succeeding month
Form GST PMT 06:
Payment of tax monthly -
Fixed sum or self
assessment.
Invoice furnishing
facility*: For first two
months of quarter.
Due Date: 1st to 13th of
succeeding month

17. 04. New Return System – Other
Taxpayers

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1
Due Date: 11th of
succeeding month
Updated based on the filing of
GSTR 1 by vendors
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New Return System - Other Taxpayers
Supplier
Form GSTR-1:
Statement of outward
supplies
Form GSTR-2A:
Auto-populated inward supply
on the basis Form GSTR-1, 5,
& 6
Import & purchase from SEZ
Unit/Developer (Goods)*
Recipient
Form GSTR-2B:
Auto Drafted ITC Statement
Information auto populated
from Form GSTR 1, 5, 6 and
import data received from
Icegate*
Due Date: 20th of
succeeding month
Form GSTR 3B:
Detail of output supply, ITC
and payment of tax
Available on 12th of
succeeding month
Auto-populated
from IRP
Generation of E-Invoice
(Aggregate turnover of
more than Rs 500 crores)

19. Q & A