We have opted to file 3B on quarterly basis under the new QRMP scheme. While paying the GST under Self Assessment mode, shall we deduct the opening ITC , which has been brought forward from Dec 20. If we do so, we have excess of ITC to be carried down to Feb 21 and hence, need not pay any GST for Jan 21. Shall we go ahead with this ? Is this the correct way or may attract levy of interest, etc ( Since there is no way to tell GST that, we have consolidated ITC, which is more than the output tax for the month )
18 February 2021
You have to pay 35% of your net cash liability discharged in Dec 20 month or quarter. There is no consideration of your ITC balance under QRMP scheme for 1st and 2nd month of the quarter.
CAclubindia
