The Central Board of Indirect Taxes and Customs (CBIC) clarified the doubt on the Invoice Furnishing Facility from tomorrow onwards.
The CBIC clarified that Invoice Furnishing Facility (IFF) is an optional facility to be used depending on the needs of the supplier and their buyer. Taxpayers may file their GSTR-1 for quarter without filing IFF.
The scheme of quarterly return filing along with monthly payment of taxes (QRMP scheme) for taxpayers having aggregate turnover up to Rs.5 crores was recommended by the GST Council in its 42nd meeting on 5 October 2020.
For example, a registered person intending to avail of the Scheme for the quarter ‘July to September’ can exercise this option during 1st of May to 31st of July. However, registered persons are not required to exercise the option every quarter.
The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their invoices every month. A quarterly GSTR-1 filer is a small taxpayer with a turnover of up to Rs.1.5 crore.
As per the Scheme, the supplier who is choosing to opt for the scheme, will have to file his GSTR 1 on quarterly basis.
The supplier in the first 2 months of the quarter can opt for uploading his selective Business to Business Invoices to a newly introduced system at GST Server i.e. Invoice Furnishing Facility.
he details of invoices furnished using the said facility in the first two months are not required to be furnished again in FORM GSTR-1
The aggregate value of such Invoices uploaded on monthly basis to IFF shall not be exceeded aggregate Rs.50 lakhs.
The scheme shall come into effect from 1 January 2021.
