The Central Board of Indirect Taxes and Customs (CBIC) notified the procedure to file GSTR 3B Quarterly.
The Board notified that the registered persons, under proviso of section 39(1) of the Act, who have opted to furnish a return for every quarter, as the class of persons who may, in the 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 of section 39(7) by way of making a deposit of an amount in the electronic cash ledger.
The amount deposited is equivalent to 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 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.
However, no such amount may be required to be deposited in two circumstances.
Firstly, 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
Secondly, 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.
The Board clarified that a 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.
The notification shall come into force with effect from the 1 of January, 2021.
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