Monthly GST Process: Switching Your Filing Frequency from Quarterly

Introduction

Before submitting their first return, any registered person may choose to file their GST returns either monthly or on a quarterly basis. 

You must use the unified portal to log into your GSTIN account to complete this step. Two questions that have been fed into the system are shown to you after that. 

Apart from responding to these inquiries, you might need to select between a quarterly or monthly plan. If not, you will be limited to filing GSTR-3B once a month.

A Comprehensive Guide to Modifying Your Profile In line with the QRMP Program

Each taxpayer must take the following actions to modify the QRMP scheme’s return filing status or periodicity:

Step 1

Enter your login information to access the GST portal, then select “Services.” Next, choose the quarterly return by clicking on “Returns.”

Step 2

The Quarterly Opt-in procedure details page will appear. Here, choose the fiscal year from the drop-down menu and press “Search.” The year should indicate how long you want to alter the frequency of filings.

Step 3

Review the information below before addressing the kind of return:

1. Quarter: In this section, the four quarters are referred to.
2. Frequency: You can use the various monthly/quarterly filing choices here. You can select any choice as a taxpayer and then click “Save.”

Note: The quarter that is available for selection has a green marker.

Option Available: This section shows specific days during the quarter that a registered taxpayer can designate as their filing frequency.

Applicable Return Due Dates: This page displays the effective return due dates for both the GSTR-3B return filing option and the quarterly GSTR-1 return.

Step 4

To confirm the filing frequency, click the “OK” button that appears beneath the confirmation notice.

Step 5

Your screen displays one last confirmation message. Press the “OK” button. Following the completion of the aforementioned procedures, the principal authorized signatory receives an email and an SMS. 

The homepage can then be accessed again by clicking the “Continue to Returns Dashboard” button.

Late Fees for the QRMP Program

There will be a late fee if you do not pay the outstanding GSTR-3B dues within the return periods. This is subject to ₹5,000. 

However, the tax settlement for the first two months of any given quarter does not come with any late costs. The late fees associated with the CGST and SGST are constant, however the IGST may differ.

FAQs

1. Should my monthly revenue be less than INR 1.5 Cr, do I still need to file GSTR-3B?

All registered individuals, regardless of sales, must submit GSTR-3B by the 20th day of the next month for July through December.

2. How will I claim an Input Tax Credit (ITC) for purchases I make from someone who files quarterly returns if I have to file monthly taxes?

If this is the case, you will be able to claim ITC each month by self-declaring. The purchase invoice details from a quarterly filer must be entered into your monthly GSTR-2. After the quarter, these facts will be compared to the GSTR-1 that your supplier filed.

3. Is filing a return every quarter required or optional?

Quarterly return filing is not required; it is an option. All taxpayers’ filing frequency will be considered monthly unless they want to file their returns on a quarterly basis.

4. How can I fix a GST return error?

You can make corrections to a GST return during the following filing period by submitting the updated numbers in the appropriate area of the subsequent GSTR-1 or GSTR-3B. To guarantee correct correction of major problems, you might need to see a specialist.

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