Nizam Traders, registered in New Delhi, is engaged in supply of taxable goods. Its turnover in the preceding FY 2020-2021 was ₹230 lakh and was furnishing its GST return on monthly basis. In the beginning of April month

No, the advice given by Vaibhav Consultants is not valid in law. With effect from 01.01.2021, a quarterly return has been introduced under GST law where the payment of tax is to be made on monthly basis. The scheme is known as Quarterly Return Monthly Payment (QRMP) Scheme. The scheme has been introduce as a trade facilitation measure and in order to further case the process of doing business. It is an optional return filing scheme, introduced for small taxpayers having aggregate annual turnover (PAN based) of upto ₹5 crore in the current and preceding financial year to furnish their Form GSTR-1 and Form GSTR-3B on a quarterly basis while paying their tax on a monthly basis through a simple challan. Thus, the tax payers need to file only four GSTR-3B returns in a year. Similarly, they would be required to file only four GSTR-1 returns since Invoice Furnishing Facility (IFF) is provided under this scheme. Opting of QRMP Scheme is GSTIN wise. Distinct person can avail QRMP Scheme option for one or more GSTINs for a PAN can opt for the QRMP Scheme and remaining GSTINs may not opt for the said scheme. Since, the aggregate turnover of Nizam Traders does not exceed ₹5 crores in the preceding financial year, it is eligible for furnishing the return on quarterly basis till the time its turnover in the current financial year does not exceed ₹5 crores. In case its aggregate turnover crosses ₹5 crore during a quarter in the current financial year, it shall no longer be eligible for furnishing of return on quarterly basis from the first month of the succeeding quarter and needs to opt for furnishing of return on a monthly basis.