Annual GST filing involves reporting turnover and paying taxes once a year (usually due 3 months after year-end), suitable for small businesses with low turnover. Quarterly filing requires filing 4 times a year, typically one month after each quarter, offering faster input tax credit (ITC) refunds and better cash flow management.
What is Quarterly Returns with Monthly Payment (QRMP) Scheme? Quarterly Returns with Monthly Payment (QRMP) Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their tax dues on monthly basis through a challan.
Login to the GST Portal with valid credentials.
Both GST returns and payment are due one month after the end of the accounting period covered by the return. If you are on GIRO plan for GST payment, GIRO deductions are on the 15th day of the month after the payment due date. You may refer to your acknowledgement page for payment details after you have filed.
As a self-employed individual, generally you are required to file an annual income tax return and pay estimated taxes quarterly. Self-employed individuals generally must pay self-employment (SE) tax as well as income tax.
GST instalments method (pay quarterly and report annually) You may elect this reporting method if you meet the eligibility requirements, including where you either: carry on a business with an aggregated turnover of less than $10 million.
Access the www.gst.gov.in URL. The GST Home page is displayed. Login to the GST Portal with valid credentials. Click the Services > Returns > Opt-in for Quarterly Return option.
File an election to change your reporting period
If you are assigned an annual or quarterly reporting period, you can file an election using Form GST20, Election For GST/Reporting Period, to choose a more frequent reporting period.
Therefore, upon non –filing of GST returns or missing out the GST due dates, the GST law prescribes a general penalty. The maximum penalty that may be imposed is Rs. 5,000. The taxpayer will be required to pay interest on late payment of GST at a rate of 18% annually in addition to the late payment penalty.
To make your GST/HST instalment payments, use Form RC160, Remittance Voucher – Interim Payments. This form is only available in a personalized and printed format. You still have to make your payment by the due date even if you do not receive your remittance form on time.
Quarterly filing is form filing that takes place once every three months for a total of four times per year.
Types of GST in India
CGST (Central Goods and Services Tax) SGST (State Goods and Services. IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax)
GST Return Fees: Rs. 1,000 to Rs. 3,000 per month. Professional Filing Services: Rs.
Monthly and quarterly reporting periods
If your reporting period is monthly or quarterly, your filing and payment deadline is 1 month after the end of the reporting period.
The dashboard will display whether your return type is monthly or quarterly, depending on your aggregate turnover. Businesses with turnover above ₹5 crore must file monthly returns, while those below ₹5 crore can opt for quarterly GST return filing.
If it's easier to pay your estimated taxes weekly, bi-weekly, monthly, etc. you can, as long as you've paid enough in by the end of the quarter. Visit IRS.gov/payments to view all the options. For additional information, refer to Publication 505, Tax Withholding and Estimated Tax.
Changing Your Reporting Period
Businesses can request a change in their reporting period by contacting the ATO, typically through their online business portal or via a registered agent.
Here are some of the primary and most common errors made by enterprises, and this is how you can fix them as well.
If you're a registered taxpayer with an annual turnover of up to ₹5 crore in the previous financial year, you may opt for the QRMP scheme (Quarterly Return Monthly Payment). This scheme allows eligible businesses to file GSTR-1 and GSTR-3B every quarter, instead of monthly.
How does the tax underpayment penalty for quarterly taxes work? Once a due date has passed, the IRS will typically dock 0.5% of the entire amount you owe. For each partial or full month you don't pay the tax in full, the penalty increases. It's capped at 25%.
Nearly one million landlords and self-employed individuals, including those with “side hustles” or “lifestyle businesses”, are expected to need to file quarterly tax returns from 6 April 2026 under new HMRC regulations according to Price Bailey, the leading accountancy firm with offices throughout East Anglia.
The IRS uses a couple of rules to determine if you need to make quarterly estimated tax payments: