GST and Central Excise, Chennai Outer
Quarterly Return Monthly Payment (QRMP) Scheme From 01st January 2021
For migration to the scheme, taxpayers must file their GSTR-3B returns for the month of October 2020 by 30th November 2020
Quarterly Return Monthly Payment (QRMP) Scheme
New facility to furnish Invoice details – GSTR-1
For Taxpayers filing quarterly return from 1st January 2021
QRMP Scheme (continued)
Benefits of QRMP Scheme
> Taxpayers whose aggregate turnover is up to Rs. 5 Crore in the preceding financial year are eligible for QRMP Scheme.
> For computing Aggregate turnover, details furnished in returns for tax periods in the preceding Financial Year shall be taken into
> In case if the aggregate turnover exceeds Rs.5 crore during any quarter in the current financial year, they shall not be eligible for the scheme from the next quarter.
> Taxpayers can opt in for QRMP Scheme for any quarter from first day of second month of preceding quarter to the last day of the first month of the quarter.
> To exercise QRMP option, taxpayer must have filed the last return.
> Taxpayers not required to exercise the option every quarter, once exercised they shall continue under the scheme till such time they
revise the option.
Taxpayers who have not fulfilled the criteria i.e. non filing of GSTR-3B for October, 2020 by 30th November, 2020 shall not be migrated as below.
|Sl. No.||Class of registered person||Default Option|
|1||Registered persons having aggregate turnover of up to 1.5 crore rupees who have furnished FORM GSTR-1 on quarterly basis in the current financial year||Quarterly return|
|2||Registered persons having aggregate turnover of up to 1.5 crore rupees who have furnished FORM GSTR-1 on monthly basis in the current financial year||Monthly Return|
|3||Registered persons having aggregate turnover more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial||Quarterly return|
> The default option has been provided for the convenience of the taxpayer.
> However, taxpayers are free to change the option from 5th of December, 2020 to 31st of January, 2021.
> All persons who have obtained registration or taxpayers opting out of composition scheme, during any quarter shall be able to opt for the scheme from first day of second month of preceding quarter to the last day of first month of the quarter.
> Opting of QRMP scheme is GSTIN wise. Distinct persons can avail QRMP scheme option for one or more GSTINs.
Opting Out of the scheme
> Taxpayer whose aggregate turnover has exceeded Rs.5 Crore in the financial year shall opt out of the scheme.
> Also 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.
Furnishing of outward supply details
> Taxpayers opting for the scheme shall file GSTR-1 on a quarterly basis.
> Taxpayer will have the facility (optional) to upload invoice details using IFF upto Rs.50 lakhs in each month (first and second month of the quarter) between the 1st day of the succeeding month till the 13th day of the succeeding month.
> Invoice uploaded using IFF will be reflected in Form GSTR-2A and GSTR-2B of recipient.
> The details of invoice furnished using IFF in the first two months are not required to be furnished again in GSTR-1.
Monthly Payment of tax
√ Taxpayers would be required to pay tax due in each of the first two months of the quarter by depositing in pre filled Form GST PMT-06.
√ The payment is to be made by 25th of the succeeding month.
Options for making monthly payment of tax
1. Fixed Sum method:
Taxpayer can pay tax by generating in challan for an amount equal to 35%of tax paid in cash in the preceding quarter if the return is furnished quarterly or make payment equal to the tax paid in cash last month if returns were filed monthly.
2. Self Assessment method:
Taxpayer opting for the scheme can pay tax due in Form GST PMT-06 by considering tax liability on inward and outward supplies and the input tax credit available.
Quarterly filing of Form GSTR-3B
Applicability of Interest
For fixed sum method taxpayers:
Applicability of late fee
Taxpayers please ensure that GSTR-3B returns for the month of October 2020 needs to be filed by 30th November 2020 for migrating to the scheme.
For complete details please logon to http://www.cbic.gov.in-gst-gstlaws/ , rules and rates- Circular – CGST- Circular No.143/13/2020-GST dated 10.11.2020