W.e.f. 1st January, 2021, following two options are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for first 02 months of a quarter:
a. Fixed Sum Method: Portal can generate a pre-filled challan in Form GST PMT-06 based on his past record.
b. Self-Assessment Method: The Tax due is to be paid on actual supplies after deducting the Input Tax Credit available.
2. In fixed sum method, the 35% Challan can be generated by selecting the Reason For Challan>Monthly Payment for Quarterly Return> 35% Challan which is in turn calculated as per following situation:
a. 35% of amount paid as tax from Electronic Cash Ledger in their preceding quarter
GSTR 3B return, if it was furnished on quarterly basis; or
b. 100% of the amount paid as tax from Electronic Cash Ledger in their GSTR-3B
return for the last month of the immediately preceding quarter, if it was furnished on
3. It is to note that , for the months of Jan and Feb, 2021, in Q4 of 2020-21, the auto-populated challan generated under 35% Challan would contain 100% of the tax liability discharged from Electronic Cash Ledger for the month of December, 2020 (and not 35%). [Reason: Till December 2020, all taxpayers were filing GSTR-3B return on a monthly basis.]
4. From April, 2021 onwards, the pattern as suggested at Para 2 (a) and (b) would follow.
5. It is noteworthy, that the taxpayers are not required to deposit any amount for the first 02 months of a quarter, if:
Balance in Electronic Cash Ledger / Electronic Credit Ledger is sufficient for tax due for the first/ second month of the quarter; or
There is NIL tax liability
Detailed Discussion : https://www.youtube.com/watch?v=dpVqCERoCTE