Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme under GST.
Dear all,
This is to inform you that, The Central Board of Indirect Taxes & Customs (CBIC) introduced the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is up to Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.
A quarterly return monthly payment scheme (QRMP) is a scheme allowing registered person having aggregate turnover up to Rs. 5 crores in the preceding financial year i.e. 2019-20 to furnish returns on a quarterly basis with a monthly payment of tax, with effect from 01.01.2021.
(1) Eligibility: - Aggregate turnover of up to Rs. 5 crores in the previous financial year.
(2) How to opt-in for the QRMP Scheme: - Any person wish to opt for April’21 to June’21 quarterly filling and monthly payment scheme (QRPM) need to opt before 30th April 2021. One of the condition to be fulfilled before opting for this scheme is the filing of all the returns whose due date has lapsed.
(3) Monthly Compliances: -
- Invoice Furnishing Facility (IFF): - IFF is useful where the recipient of goods or services wishes to avail ITC in the same month and requires invoices to be reflected in their GSTR- 2A/2B. In such cases, invoices will be required to be uploaded using the IFF Facility. However, the value of such invoices shall not exceed Rs.50 Lacs each in the first two months of the quarter.
- Monthly Payment of tax: The registered person under the QRMP Scheme would require to pay tax on a monthly basis for the first two months of the quarter via Form GST PMT-06 (Payment Challan) for which two options are available:
(i) Fixed Sum Method: A taxpayer can opt to pay 35% of the tax, paid in cash in the preceding quarter, where the return has been furnished on a quarterly/monthly basis.
(ii) Self-Assessment Method: The registered person can pay the tax due by considering the tax liability on inward and outward supplies with the capped Input Tax Credit available in Form GSTR-2B of the month.
(4) Quarterly filing of Returns: The invoices whose details have been furnished in the IFF need not be uploaded again in the Quarterly GSTR-1 return and any amount deposited monthly in the cash ledger shall be offset against the quarterly liability under GSTR-3B. The aforesaid procedure by the registered person shall be required as compliance for the assessee who opts to file GSTR-1 and GSTR-3B on a Quarterly basis under QRMP Scheme.
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
