From 1st January 2021 QRMP (Quarterly return monthly payment) scheme came into existence, which allowed to registered person having aggregate turnover upto Rs.5 crore in preceding financial year to opt for QRMP scheme. Therefore this scheme is not available to registered having aggregate turnover of Rs.5 crore in preceding financial year. This Scheme is optional so registered who is eligible to opt for QRMP may or may not opt QRMP scheme.
Under QRMP scheme registered person is required to make month tax payment but he will file his GSTR-1 and GSTR-3B quarterly and IFF (Invoice furnishing facility) option has been made available to registered person who have opted for QRMP where such registered person can upload B2B invoices using IFF facility latest by 13th day of next month (i.e. Monthly IFF filing) so that recipient of goods or services or both can avail ITC without any hurdle because this invoice uploaded (through IFF or GSTR-1) will get reflected in GSTR-2B and 2A of the recipient. But mind one thing this IFF is optional so registered person opted for QRMP may or may not furnish B2B invoices using IFF and recipient cannot force them to furnish B2B invoices using IFF. Practically QRMP registered person furnish B2B invoices using IFF but there are few who don’t furnish B2B invoices because IFF is optional.
Registered persons are required to file GSTR-1 and 3B on monthly basis or who have opted for monthly GSTR-1 and 3B filing then in such cases due date for monthly filers are in case of GSTR-1 is 11th day of next month and in case GSTR-3B due date is 20th day of next month (earlier upto December 2020 tax period for filing of GSTR-3B there were three different due dates i.e. 20th, 22nd and 24th of next month depending on turnover and state of registered person but after implementation of QRMP this due has been fixed to 20th of next month .
For QRMP filers due date for filing B2B invoices using IFF facility is 13th of next month and for quarterly return due date is 13th of next month after end of quarter in case of GSTR-1 and in case of GSTR-3B due date is 22nd or 24th of the next month after end of quarter depending upon your state of registration.
QRMP scheme has been brought to give relief to MSME sector by reducing compliance burden and one thing you must remember that if you opt for QRMP scheme then you will in advantageous position if you ever file return belatedly because late fee will be applicable only after due date (which will be in next month after end of last month of quarter).
But one thing you must keep in mind that QRMP registered persons will make tax payment on monthly basis and last date to make tax payment is 25th of next after end of month though return frequency is quarterly and tax payment can be made on the basis of fixed sum method (system generated auto challan of amount equal to 35% of tax paid in preceding quarter (where return frequency was quarterly) or 100% of tax paid in last month of immediately preceding quarter (where in preceding quarter return frequency was monthly) as the case may be or self assessment method.
Disclaimer – Author has exercised utmost care while writing this article, but still this article may contain some error or mistake and no part of this article/writing should be construed or considered as any advice or consultancy whether professional or otherwise.