Taking another step towards the goal of Ease of doing business and to provide relief to small taxpayers, GST council introduced the QRMP scheme in 42nd Council meeting. As indicated from scheme’s name Quarterly Return Monthly Payment scheme (QRMP) is scheme to file return on quarterly basis but making payment on monthly basis, which will lead to reducing the burden of return filing compliance.
What is QRMP Scheme?
1. From 1st January 2021, the Central Board of Indirect Taxes and Customs (CBIC) introducing QRMP scheme under GST to help small taxpayers whose turnover is less than ₹ 5 crore. The QRMP scheme allows the tax payers to file GSTR-3B on a quarterly basis and pay tax every month beginning from January-March,2021 period.
2. Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35% of net cash liability of previous filed GSTR-3B of the quarter
Who is eligible for the Scheme?
1. Taxpayer having taxable turnover up to Rs. 5 Crore in preceding and current financial year.
2. Taxpayers who are liable for filing of GSTR-3B return.
3. All the returns on the date of opting for the scheme has been furnished.
4. If annual aggregated turnover crosses INR 5 Crores during a quarter, taxpayer will become ineligible for the Scheme from next quarter.
5. Any person obtaining a new GST registration or opting out of the Composition Scheme.
How to opt in the scheme?
1. Taxpayer can opt out from the GST portal GST.GOV.IN > Services > Returns > Opt-in for Quarterly Return option to opt in or opt out of the QRMP scheme.
2. Option to exercise the scheme will be available throughout the year.
3. Can opt in for any quarter from first day of second month of preceding quarter to the last day of first month of quarter for which want to opt for the scheme
4. Example: If a taxpayer wants to opt in for January to March quarter can exercise option during 1st November to 31st
5. Taxpayer have option to avail the scheme GSTIN Wise i.e. Some GSTINs for a PAN can opt in and other can opt out.
6. Option once exercised shall be valid for succeeding quarters also.
Due Date of GSTR-3B
|1.||Taxpayer whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep||22th day of the month succeeding such quarter|
|2.||Taxpayer whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi||24th day of the month succeeding such quarter|
Due Date of GSTR-1
13th of the month succeeding such quarter.
Form and Due date of payment
1. Due date of payment is 25th of succeeding month.
2. Form is GST PMT-06.
Calculation of Payment
|1.||First Month||Self-assessed Tax or 35% of the net cash tax liability of the last quarter|
|2.||Second Month||Self-assessed Tax or 35% of the net cash tax liability of the last quarter|
|3.||Third Month||Self-assessed Tax or Balance of the net cash tax liability of the last quarter|
Invoice Furnishing Facility (IFF)
1. The registered persons opting for this scheme can furnish the details of outward supplies using the Invoice Furnishing Facility (IFF). The time period is from the 1st day of the month succeeding such month till the 13th day of the said month.
2. For example- Details of outward supplies of January,2021 can be furnished from 1st February,2021 to 13th February,2021.
3. Such IFF details shall reflect in GSTR-2A and GSTR-2B of the recipient.
4. The details can be furnished up to a cumulative value of fifty lakh rupees in each of the months.
5. The details of outward supplies furnished using the IFF, for the first and second months of a quarter, shall not be furnished in FORM GSTR-1 for the said quarter.
|CA Pratish Goel
|CA Robin Garg