11 March 2021
WE HAVE OPTED QRMP SCHEME FROM 1ST JAN 2021. IN THE MONTH OF JAN 21 OUR SALES IS BELOW 50 LAKHS AND WE HAVE FURNISHED IFF AS CUSTOMER NEED. IN THE MONTH OF FEB OUR TURNOVER IS 68 LAKHS. WE COULD NOT FILE IFF AS THE LIMIT OF IFF TURNOVER IS 50 LAKS. OUR MARCH 21 TURNOVER ALSO ABOVE 50 LAKHS (SAY AS SAME AS FEB 21 - 68 LAKHS). 1. I HAVE TO FURNISH IFF OF FEB 21 THEN ONLY I MAY RECEIVED MY DUES. IF I FILE IFF, PARTIALLY I.E. 50 LAKHS HOW TO ADJUST THE BALANCE 18 LAKHS OF TURNOVER. 2. WHETHER I CAN INCLUDE THE FEB 21 TURNOVER, WHICH MISSED OUT CAN BE CLUBED IN MAR 21. THEN WHAT ABOUT THE BALCNE TURN OVER OF MAR 21 (FEB BAL 18, MARCH 68, TOTAL 88 IFF 50 BAL 28) 3. AT THE TIME OF GSTR1 OF THIS QUARTER (MAR 21) MAY INCLUDE TOTAL TURNOVER OF (JAN 50, FEB 68 MAR 68) THEN HOW I TO WORK
10 July 2024
Navigating the Quarterly Return Monthly Payment (QRMP) scheme under GST can be a bit complex, especially when your turnover exceeds the threshold for the Invoice Furnishing Facility (IFF) in a month. Here’s how you can manage the situation:
### 1. Furnishing IFF for February 2021:
- **IFF Limit Issue**: Since your turnover for February 2021 was 68 lakhs, exceeding the IFF limit of 50 lakhs, you couldn’t furnish IFF for this month. - **Receivables**: You mentioned needing to furnish IFF for February 2021 to receive dues. If possible, consider discussing with your customers to accept invoices outside of IFF if it's permissible under your agreements.
### 2. Adjusting Turnover and IFF for February and March 2021:
- **February Turnover Adjustment**: The 18 lakhs of turnover that couldn’t be furnished through IFF in February can be included in your GSTR-1 for March 2021. - **March 2021 Turnover**: For March 2021, which also has a turnover of 68 lakhs, you will include this entire turnover in your GSTR-1 for the quarter ending March 2021.
### 3. Handling GSTR-1 Filing for the Quarter (January to March 2021):
- **Total Turnover**: For the quarter January to March 2021, your total turnover includes: - January 2021: 50 lakhs - February 2021: 68 lakhs (Adjusting 18 lakhs in GSTR-1 for March 2021) - March 2021: 68 lakhs
- **GSTR-1 Filing**: When filing GSTR-1 for the quarter ending March 2021: - Include the turnover details for each month separately. - Adjust the 18 lakhs of February 2021 turnover that couldn’t be furnished through IFF by including it in the GSTR-1 for March 2021.
### Summary:
- **IFF Limitation**: IFF can only be used for turnover up to 50 lakhs in a month. For February 2021, where your turnover was 68 lakhs, you couldn’t use IFF. - **Adjustment in GSTR-1**: Adjust the 18 lakhs of February 2021 turnover in the GSTR-1 for March 2021 along with March’s turnover. - **Quarterly Filing**: Ensure that your GSTR-1 for the quarter (January to March 2021) reflects the correct turnover for each month separately and includes any adjustments needed from the IFF limitations.
If you face challenges or uncertainties while filing, it’s advisable to consult with a GST professional who can provide specific guidance tailored to your business circumstances and compliance requirements under the QRMP scheme.
CAclubindia
