Bangalore, Dec 9 (KNN) As the centre has decided to introduce some new rules for GST Returns and to introduce Quarterly Return Filing (QRMP) with monthly payment for taxpayers in the new rules to be introduced, the Micro, Small and Medium Enterprises (MSMEs) has opposed the same.

Under the scheme, the goods and services tax (GST) assess-who have an annual aggregate turnover (AATO) of up to Rs 5 crore - now have to fill out four forms of GSTRB, the Central Government said.

The new scheme will be effective from January 1, 2021, which will affect over lakhs of taxpayers.

''This will affect the cash flow of MSMEs, as they have to pay the GST monthly. Karnataka Small Scale Industries Association (KASSIA) protests the new rules to safeguard the interests of MSMEs and urges the central government to allow MSMEs for monthly returns and quarterly payments,'' KASSIA said in a statement on Tuesday.

It further said that payment of bills supplied to corporates can be delayed from 90 to 120 days. These bills are paid by the companies after the ITC occurs and are registered through GSTR 2.

''Most of them are very good paymasters, pay less GST for the bills, and pay the GST amount after it appears in GSTR 2 it means after MSMEs file the GSTR 3 thus blocking the working capital of MSMEs for three months,'' it added.