09 December 2020
In fixed sum method of payment for first two months of a quarter, pre filled chalan will show tax payment as 35 % of previous quarter for each month. If it turns out to be less than actual tax to be paid, there will be no interest charged when we pay balance tax and file gstr3b return for the quarter. In SAM, do we have to pay 35 % of self assessment of tax with ITC considered or we have to pay 100 % of self assessed tax. I am not clear. Assuming that here also I pay 35% of self assessed tax for first two months of a quarter, suppose, in third month if it turns out that actual tax liability for first two months of this quarter is more, will I be charged interest for first two months, though I pay balance tax in third month and file timely quareterly return. Also, this QRMP scheme, it will start for Jan 2021 to March 2021 quarter, so for January and February, I will have to pay 35 % tax each paid in October to December 2020 quarter. Is understanding correct. Also all output details like inter state supply (table 3.1) can be given for 3 months put together in April while filing GSTR3B quarterly return - is my understanding correct. Please guide for each point.
09 December 2020
You will pay for first 2 months of current quarter 35% of your cash liability of previous quarter. No interest is payable on shortfall compared to actual liability. You can chose to file IFF.
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