Applicability: All registered assessee having turnover up to INR 5 crores in the preceding financial year. Scheme can be availed GSTIN based, i.e. assessee having multiple registrations under same PAN have option to avail the QRMP scheme for one GSTIN and Regular filing for other registration.
When to opt: Anytime during the year for any quarter. Once availed can continue to be availed until opted out by the taxpayer or assessee become ineligible.
Facility of opting out: The 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.
How to opt: If any assessee wishes to avail the QRMP scheme then it should opt for the scheme from 1st day of second month of previous quarter till the end of first month of respective quarter.
For e.g.- If an assessee requires to avail the QRMP scheme for the quarter ending June 2021, then he should opt for the scheme anytime in between 1st of Feb 2021 till 30th of April 2021.
Mandatory conditions of availment:
Maximum outward details to be shown in each month of IFF <= 50 lakhs
Payment Structure: Under this scheme, payment should be made on monthly basis by the 25th of the following month through Form PMT-06 (PRE-FILLED), either on the basis of fixed sum method or Self-assessment method
Method 1: Fixed Sum Method
Assessee filing on quarterly basis before opting the QRMP scheme: an amount equal to thirty five percent of the tax paid in cash in the preceding quarter.
Assessee filing on monthly basis before opting the QRMP scheme: an amount equal to the tax paid in cash in the last month of the immediately preceding quarter.
For ex: when return filing structure was on quarter basis.
Particulars Prev. Qtr. Current Qtr. (35% of Prev.)
CGST 100 35
SGST 100 35
IGST 200 70
Cess 50 17.5
When return filing structure was on monthly basis Particulars Prev. Qtr. Current Qtr. (100% of Prev.)
CGST 100 100
SGST 100 100
IGST 200 200
Cess 50 50
Method 2: Self-Assessment Method
Under this method, assessee can self-assess his liability payable in cash based on the ITC as updated on GSTR 2B for every month and accordingly deposit the difference through PMT-06.
Note: In both the above methods, no deposit is required if there is enough credit availability in the credit ledger or cash ledger or both.
Default migration to the Scheme of Existing Taxpayers
Default migration will only be of those taxpayer who have filed their return for last period as on or before due date. Default migration will be as such:
S.No. Class of Registered Person Default Option
1 Registered persons having aggregate turnover of up to 1.5 crore rupees who Quarterly Return have furnished FORM GSTR-1
on quarterly basis in the current financial year
2 Registered persons having aggregate turnover of up to Monthly Return 1.5 crore rupees who have furnished FORM GSTR-1 on
monthly basis in the current financial year
3 Registered persons having aggregate turnover more Quarterly Return than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year
INTEREST Liability (payable through GSTR 3B):
Under method 1 (Fixed Sum) if pre calculated amount in PMT-06 is paid
Applicability of Late Fee: The late fee will be applicable on the delay in furnishing the quarterly GSTR-3B and GSTR 1 within due date, i.e., Rs. 50 per day (CGST: SGST) subject to a maximum late fees of Rs 5,000.
However, it is clarified that no late fee is applicable for delay in payment of tax in the first two months of the quarter in form GST PMT-06.
SOME COMMON FAQS
Whether QRMP scheme is available to all the Taxpayers?
This scheme is available to all taxpayers liable to file GSTR 3b and GSTR 1 (either on quarterly or on monthly basis) having turnover up to 5cr. Also no data should be already saved in GSTR 1 before opting for the scheme. Only after deleting the data one can opt the scheme.
Whether QRMP scheme is mandatory?
QRMP scheme is optional to comply with. Taxpayers can still comply in accordance with existing filing scheme.
What is Invoice Furnishing Facility (IFF)? (Based on news update as on 06.01.2021)
Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers to file their details of outward supplies in first two months of the quarter (M1 and M2). The facility will be similar to FORM GSTR-1 but will allow filing for only following tables:
a. 4A, 4B, 4C, 6B, 6C – B2B Invoices
b. 9B – Credit/ Debit Notes (Registered)
c. 9A – Amended B2B Invoices
d. 9C – Amended Credit/ Debit Notes (Registered)
Details to be uploaded in the IFF?
The following details are to be submitted by the small taxpayers if they opt for Invoice Furnishing Facility:
Mandatory to file Invoice Furnishing Facility?
It is not mandatory to file IFF and invoices for all three months can be compiled directly in the GSTR 1. However filing of IFF on monthly basis provides with multiple benefits like:
I have submitted my GSTR-1/ IFF for a month; can I make changes in the form before filing IFF of that month?
The submit button will freeze the invoices uploaded in the GSTR-1/ IFF for that particular month. You will be not able to upload any further invoices for that month. In case you have missed adding any invoice, you can upload those invoices in the next month.