IFF Full Form in GST
What is the Full Form of IFF in GST?
IFF’s full form in GST is Invoice Furnishing Facility. To allow quarterly taxpayers who participate in the QRMP program to transfer the credit to their beneficiaries, the IFF facility allows them to file their outward supply information during the first 2 months of the specific quarter (M1 & M2). The Tables of FORM GSTR-1 make up IFF: B2B Invoices (4A, 4B, 4C, 6B, 6C), Credit/Debit Notes (9B), Amended B2B Invoices (9A), and Amended Credit/Debit Notes (9C) (Registered). IFF is a supplemental service available solely to quarterly taxpayers. It is necessary to file an IFF if it is in the status of being submitted.
The taxpayer cannot submit their Form GSTR-1 for such a quarter if the provided IFF is not filed. Small taxpayers can upload their bills each month using the Invoice Furnishing Facility (IFF). By means of notice number 82/2020-Central Tax, the Central Board (Indirect Taxes) and Customs (CBIC) informed the Invoices Furnishing Facility on November 10, 2020. Invoice Furnishing Facility is a service where quarterly GSTR-1 filers, currently underneath the QRMP scheme only, have the option to submit Business-to-Business invoices every month. Rule 59(2) of CGST Rules, which is applicable to normal taxpayers with a yearly aggregate revenue of up to Rs. 5 crores, governs it. It is optional to use the IFF. No late fees will be assessed for non-use. Only the GSTR-1 return must include the invoices from the final month of the quarter uploaded. If an invoice has already been uploaded to the IFF, there is no need to upload it to GSTR-1. The maximum amount of receipts that can be submitted in a single month is Rs. 50 lakh.