CBIC notifies procedure to opt Quarterly GSTR 3B | GST Notification 85/2020

GST Notification 85/2020-Central Tax ,dt. 10-11-2020

The registered persons, notified under section 39(1), who have opted to furnish a return for every quarter or part thereof, as the class of persons who may, in first month or second month or both months of the quarter, follow the special procedure such that the said persons may pay the tax due under proviso to sub-section (7) of section 39, by way of making a deposit of an amount in the electronic cash ledger equivalent to, ‑

(i) 35% of the tax liability paid by debiting the electronic cash ledger in the return for the preceding quarter where the return is furnished quarterly; or

(ii) the tax liability paid by debiting the electronic cash ledger in the return for the last month of the immediately preceding quarter where the return is furnished monthly:

Provided that no such amount may be required to be deposited‑

(a) for the first month of the quarter, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the tax liability for the said month or where there is nil tax liability ;

(b) for the second month of the quarter, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the cumulative tax liability for the first and the second month of the quarter or where there is nil tax liability:

Provided further that registered person shall not be eligible for the said special procedure unless he has furnished the return for a complete tax period preceding such month.

Explanation– For the purpose of this notification, the expression “a complete tax period” means a tax period in which the person is registered from the first day of the tax period till the last day of the tax period.

2. This notification shall come into force with effect from the 18t day of January, 2021.

IRIS GST

There are 2 comments on this post
  1. ATUL MAHAJAN
    November 13, 2020, 6:01 pm

    Is it obligatory for a registered dealer to deposit 35% of tax liability even if he is having balance in elaectronis credit ledger

    • November 24, 2020, 6:32 pm

      Please note it is not obligatory to deposit 35% of tax, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the tax liability for the said month

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