GST Quarterly Return Monthly Payment (QRMP)

CBIC has released GST Quarterly Return Submission & Monthly Payment (QRMP) scheme. In order to offer a remedy to small taxpayers and simplicity of doing business. The GST Council in its forty-second assembly hung on the fifth of October 2020. Had endorsed that registered taxable men or women having a mixture turnover of as much as five crores to be allowed to supply. GST go back (GSTR-1 and GSTR-3B) on a quarterly foundation together with the month-to-month price of tax, with impact from 1st Jan 2021.

GST Quarterly Return submitting & Monthly Payment (QRMP) scheme: Notification

The CBIC has issued the subsequent notifications to put into effect the Scheme of quarterly go back submitting together with the month-to-month price of GST, as a way to be referred to as Quarterly Return submitting & Monthly Payment of GST Scheme “QRMP Scheme”:

Who is Eligible for Quarterly Return submitting & Monthly Payment of Taxes (QRMP) Scheme: Eligibility

Following elegance of registered man or woman can record quarterly returns for GSTR-1 and GSTR-3B and pay tax on month-to-month foundation w.e.f. 01st Jan 2021:

All Registered Persons required to record Form GSTR 3B with an Aggregate Annual Turnover of as much as Rs five Crore withinside the preceding economic yr is eligible for the Quarterly Return submission & Monthly Payment of Taxes (QRMP) Scheme. However If Aggregate Annual Turnover exceeds Rs five Crore for the duration of a Quarter, Registered Persons turn into in-eligible for the Scheme from the subsequent quarter.

Any man or woman acquiring a Fresh registration or changing to an ordinary scheme from Composition Scheme also are eligible for this Scheme.

Changes effected at the GST Portal for Quarterly Return Monthly Payment (QRMP) Scheme:

For Quarter January 2021 to March 2021. All Registered Persons whose Aggregate Turnover for the FY 2019-20 is up to Rs five Crore. And feature provided the go-back in Form GSTR-3B for the month of October 2020 with the aid of using the thirtieth of November 2020.

The facility to choose Quarterly Return Monthly Payment (QRMP) Scheme may be availed at some stage in the yr, in any quarter. There isn’t any limit as to the term for choosing this scheme
Option for QRMP Scheme, as soon as exercise. Will retain until Registered Person revises the choice to pick out month-to-month submitting of GST go back or his Aggregate Turnover exceeds Rs five Crore.
Registered Persons migrated with the aid of using default can pick out to stay out of the scheme. With the aid of using exercise. Their choice from the fifth of December 2020 until the thirty-first of January 2021.

Monthly Payment of GST below the Quarterly Return submitting & Monthly Payment of Taxes (QRMP) Scheme

Registered Persons opting Quarterly Return submitting & Monthly Payment (QRMP) Scheme want to pay GST Due in every one of the primary months with the aid of using twenty-fifth of the subsequent month withinside the Qtr, with the aid of using selecting

“Monthly price for the quarterly taxpayer” as cause for producing Challan.

Registered Persons can both use the Fixed Sum Method (pre-stuffed challan) or the Self-Assessment Method (real tax due). For the month-to-month price of tax for the first months, after adjusting Input Tax Credit.