Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme is been launched by Government for small taxpayers under GST system. In thie article we will discuss the Applicability of this Scheme, Salient Features of QRMP scheme, What Registered Person means for this Scheme, When to Register or Opt for this Scheme, When to file Return under QRMP scheme, When to Pay Taxes under QRMP scheme, Late Fees, Interest under QRMP scheme etc.
|Registered Person can opt for any Quarter from 1st day of Second Month of Preceding Quarter to the Last day of the 1st Month of the Quarter.|
|Newly Registered Persons|
|Registered Person Opting Out from Composition Scheme (U/s.10 of CGST Act, 2017) shall be able to opt for QRMP Scheme.|
When to Register:-
If he exercise this option on 27th July for the quarter (July to September) in such case, he must have furnished the return for the month of June which was due on 22nd/24th July.
When to file Return:-
Details of Outward Supplies:-
Payment of Tax:-
Cases where no amount may be required to be Deposited:-
1. For the 1st month of a quarter, where the balance in Cash or Credit Ledger is adequate for the Tax liability of the said month.
2. For the 2nd month of the quarter, where the balance in Cash or Credit Ledger is adequate for the Cumulative Tax Liability for the 1st and 2nd month of the Quarter.
3. In both the above cases, where the Tax Liability is NIL.
Applicability of Interest:-
Applicability of Late Fee:-
Late Fee under QRMP Scheme:-
If the GSTR-3B is not filed within the due date, then the following late fee shall be paid, subject to a Maximum late fees of Rs.5,000/-
|Act||Late fees for every day of delay||Late fees for every day of delay where Tax Liability is NIL.|
However it is clarified that there is no late fee is applicable for delay in payment of Tax for first 2 months of the quarter in Form GST PMT-06.
 In Case of aggregate turnover exceeds Rs.5 Cr during any quarter in current F.Y registered person shall not be eligible for the scheme from next quarter.