2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quarterly Return filing & Monthly Payment of Taxes
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Monthly Return filing & Quarterly Payment of Taxes
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Quarterly Return filing of Taxes
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Monthly Payment of Taxes
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Detailed explanation-1: -QRMP scheme Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter.
Detailed explanation-2: -The GST Amnesty Scheme for 2022 allows waiving all arrears in cases where arrears are Rs. 10, 000 or less. Dealers with arrears of Rs. 10 lakhs or less as of 1st April 2022 are allowed to pay 20% of total arrears as a lump sum amount instead of calculating the same with interest and penalty.
Detailed explanation-3: -Who are Small taxpayers and which GST returns must they file? Small taxpayers are those with a turnover of up to Rs. 5 crores in the last financial year. They will be provided with an option to choose between the filing of quarterly or monthly main returns.
Detailed explanation-4: -The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers.