The GST regime has been marked by continuous reforms. It is onerous on the part of the taxpayers to keep in touch with the latest developments. Here is a quick digest of QRMP scheme for your ready reference.
| A | WHO IS ELIGIBLE FOR THE QRMP SCHEME | Registered person whose AGGREGATE TURNOVER (IN PREVIOUS FY) <= RS. 5 CRORE | ||||||||||||||||||||
| CALCULATION OF AGGREGATE ANNUAL TURNOVER | Calculated in the common portal taking into account the returns furnished in the preceding FY | |||||||||||||||||||||
| GSTIN WISE | Option to avail the QRMP Scheme is GSTIN wise. Some GSTINs under a PAN can opt for the QRMP Scheme and remaining GSTINs may not opt for the Scheme | |||||||||||||||||||||
| MAY / SHALL | May (Optional scheme) | |||||||||||||||||||||
| FURNISHING OF RETURN | Furnish return on QUARTERLY basis | |||||||||||||||||||||
| PAYMENT OF TAX | MONTHLY payment of tax | |||||||||||||||||||||
| B | EFFECTIVE FROM | 1st January,2021 | ||||||||||||||||||||
| C | FACILITY TO AVAIL / OPT THE SCHEME ON THE COMMON PORTAL | ♦ A registered person can opt in for any quarter
♦ From first day of second month of preceding quarter ♦ To the last day of the first month of the quarter ♦ Eg:-
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| Where option has been exercised once, registered person will continue to furnish the return as per the selected option, unless they revise the option | ||||||||||||||||||||||
| DEFAULT MIGRATION TO THE QRMP SCHEME (WHO WILL BE MIGRATED) | All the registered persons :-
♦ Aggregate turnover (FY 2019-20) <= Rs. 5 crore + ♦ Furnished GSTR-3B for the month of October, 2020 by 30th November, 2020 |
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| DEFAULT OPTION :- QUARTERLY RETURN / MONTHLY RETURN(FOR THE CONVENIENCE OF REGISTERED PERSONS) |
Registered persons are free to change the above default option, from 5th of December, 2020 to 31st of January, 2021 |
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| OPT OUT | ♦ Facility for opting out of the Scheme for a quarter will be available
♦ From first day of second month of preceding quarter ♦To the last day of the first month of the quarter ♦ E.g.:
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| AGGREGATE TURNOVER CROSSES RS. 5 CRORE IN CURRENT FINANCIAL YEAR | ♦ Not eligible for the Scheme from the next quarter
♦ Opt for furnishing of return on a monthly basis, electronically, on the common portal, from the succeeding quarter |
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| D | FURNISH GSTR-1 QUARTERLY INVOICE FURNISHING FACILITY (OPTIONAL FACILITY) | ♦ Registered persons opting for the QRMP Scheme would be required to FURNISH GSTR-1 QUARTERLY
♦ Continuous upload of invoices for the first and second months of a quarter ♦ Registered persons can save the invoices (B2B outward supplies <= Rs 50 lakh in a month) for the first and second months in IFF ♦ From the 1st day of the month till 13th day of the succeeding month. ♦ Invoices which furnished using IFF, will be reflected in the GSTR-2A and GSTR-2B of the recipient. ♦ Invoices furnished using IFF in the first two months are not required to be furnished again in GSTR-1. Remaining invoices shall be furnished in GSTR-1 ♦ E.g:-
B2B invoices furnished in IFF for July during 01/08 – 13/08, shall be |
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| E | MONTHLY PAYMENT OF TAX (DURING THE FIRST TWO MONTHS OF THE QUARTER) | ♦ Pay the tax due in each of the first two months of the quarter
♦ By DEPOSITING the tax amount in PMT-06 ♦ By the TWENTY FIFTH DAY OF THE SUCCEEDING MONTH ♦ This deposit cannot be used by the taxpayer for any other purpose till the filing of return for the quarter |
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| TWO OPTIONS FOR MONTHLY PAYMENT OF TAX
(DURING THE FIRST TWO MONTHS OF THE QUARTER) |
♦ Registered person is free to avail either of the two options in any of the two months of the quarter:
E.g.:
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| PRE-FILLED CHALLAN IN PMT-06 | ||||||||||||||||||||||
| Option (a) is available to those registered persons who have furnished the return for a complete tax period preceding such month. | ||||||||||||||||||||||
| OPTION (B) : SELF-ASSESSMENT METHOD | ||||||||||||||||||||||
| Pay tax due in PMT 06 = Tax liability outward supplies – input tax credit available | ||||||||||||||||||||||
| NO AMOUNT REQUIRED TO BE DEPOSITED |
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| REFUND OF THE AMOUNT DEPOSITED FOR PAYMENT OF TAX | Only after the GSTR-3B for the quarter has been furnished | |||||||||||||||||||||
| F | QUARTERLY FILING OF GSTR3B | ♦ For each quarter, on or before 22nd or 24th day of the month succeeding such quarter
♦ E.g. :
♦ Declare : (a) the supplies made during the quarter (b) ITC availed during the quarter (c) all other details ♦ Amount DEPOSITED in the first two months shall be debited solely for the purposes of OFFSETTING THE LIABILITY furnished in that quarter’s GSTR-3B. |
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| AMOUNT LEFT AFTER FILING OF QUARTER’S GSTR3B
CANCELLATION OF REGISTRATION (DURING ANY OF THE FIRST TWO MONTHS OF THE QUARTER) |
♦ Claim as refund OR
♦ May be used for any other purpose in subsequent quarters ♦ Still required to furnish GSTR-3B for the relevant tax period |
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| G | INTEREST |
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| LATE FEE | √ Late fee would be the applicable for delay in furnishing of the said quarterly return
x No late fee is applicable for delay in payment of tax in first two months of the quarter. |
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