From January 1, 2021, taxpayers would be paying their taxes on self-assessment basis. They will not have to follow monthly returns procedure. CBIC will have new QRMP feature for GST taxpayer. Through this feature, only 4 GSTR-3B returns in a year instead of 12 returns will be filed. Taxpayers would pay taxes on net cash liability paid in the previous month or 35 per cent of cash liability paid on the previous quarter or actual self-assessment of tax dues after deducting the input tax credit.
