The GST regime has been marked by continuous reforms. It is onerous on the part of the taxpayers to keep in touch with the latest developments. Here is a quick digest of QRMP scheme for your ready reference.

A WHO IS ELIGIBLE FOR THE QRMP SCHEME Registered person whose AGGREGATE TURNOVER (IN PREVIOUS FY) <= RS. 5 CRORE
CALCULATION OF AGGREGATE ANNUAL TURNOVER Calculated in the common portal taking into account the returns furnished in the preceding FY
GSTIN WISE Option to avail the QRMP Scheme is GSTIN wise. Some GSTINs under a PAN can opt for the QRMP Scheme and remaining GSTINs may not opt for the Scheme
MAY / SHALL May (Optional scheme)
FURNISHING OF RETURN Furnish return on QUARTERLY basis
PAYMENT OF TAX MONTHLY payment of tax
B EFFECTIVE FROM 1st January,2021
C FACILITY TO AVAIL / OPT THE SCHEME ON THE COMMON PORTAL ♦ A registered person can opt in for any quarter

♦ From first day of second month of preceding quarter

♦ To the last day of the first month of the quarter

♦ Eg:-

Can opt in for any Quarter Apr -Jun

Where option has been exercised once, registered person will continue to furnish the return as per the selected option, unless they revise the option
DEFAULT MIGRATION TO THE QRMP SCHEME (WHO WILL BE MIGRATED) All the registered persons :-

♦ Aggregate turnover (FY 2019-20) <= Rs. 5 crore

+

♦ Furnished GSTR-3B for the month of October, 2020 by 30th November, 2020

DEFAULT OPTION :-
QUARTERLY RETURN /
MONTHLY RETURN
(FOR THE CONVENIENCE OF REGISTERED PERSONS)
Aggregate Turnover Furnished GSTR-1 on
Quarterly Basis Monthly Basis
< = 1.5 crore Quarterly return Monthly Return
1.5 crore – 5 crore Quarterly return Quarterly return

Registered persons are free to change the above default option, from 5th of December, 2020 to 31st of January, 2021

OPT OUT ♦ 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

♦ E.g.:

Opt out of the QRMP scheme for Apr-Jun quarter

AGGREGATE TURNOVER CROSSES RS. 5 CRORE IN CURRENT FINANCIAL YEAR ♦ Not eligible for the Scheme from the next quarter

♦ Opt for furnishing of return on a monthly basis, electronically, on the common portal, from the succeeding quarter

D FURNISH GSTR-1 QUARTERLY INVOICE FURNISHING FACILITY (OPTIONAL FACILITY) ♦ Registered persons opting for the QRMP Scheme would be required to FURNISH GSTR-1 QUARTERLY

♦ Continuous upload of invoices for the first and second months of a quarter

Registered persons can save the invoices (B2B outward supplies <= Rs 50 lakh in a month) for the first and second months in IFF

♦ From the 1st day of the month till 13th day of the succeeding month.

♦  Invoices which furnished using IFF, will be reflected in the GSTR-2A and GSTR-2B of the recipient.

Invoices furnished using IFF in the first two months are not required to be furnished again in GSTR-1. Remaining invoices shall be furnished in GSTR-1 

♦  E.g:-

IFF for July, will be available

B2B invoices furnished in IFF for July during 01/08 – 13/08, shall be
reflected in GSTR-2A of July

E MONTHLY PAYMENT OF TAX (DURING THE FIRST TWO MONTHS OF THE QUARTER) ♦ Pay the tax due in each of the first two months of the quarter 

♦ By DEPOSITING the tax amount in PMT-06

♦ By the TWENTY FIFTH DAY OF THE SUCCEEDING MONTH

♦ This deposit cannot be used by the taxpayer for any other purpose till the filing of return for the quarter

TWO OPTIONS FOR MONTHLY PAYMENT OF TAX

(DURING THE FIRST TWO MONTHS OF THE QUARTER)

♦ Registered person is free to avail either of the two options in any of the two months of the quarter:

OPTION (A) : FIXED SUM METHOD
S No Last return (for preceding quarter) Tax required to be paid in each of the first two months
1 Furnished quarterly 35% OF THE NET CASH TAX LIABILITY of preceding quarter
2 Furnished monthly NET CASH TAX LIABILITY paid in the return for the last month of the immediately preceding quarter

E.g.:

Two Options For Monthly

 

PRE-FILLED CHALLAN IN PMT-06
Option (a) is available to those registered persons who have furnished the return for a complete tax period preceding such month.
OPTION (B) : SELF-ASSESSMENT METHOD
Pay tax due in PMT 06 = Tax liability outward supplies – input tax credit available
NO AMOUNT REQUIRED TO BE DEPOSITED
For the first month of the quarter ⇒ where the balance in the E cash ledger or E credit ledger is adequate for the tax liability or
⇒ where there is NIL tax liability
For the second month of the quarter ⇒ where the balance in the E cash ledger or E credit ledger is adequate for the cumulative tax liability for the first and the second month of the quarter or
where there is NIL tax liability
REFUND OF THE AMOUNT DEPOSITED FOR PAYMENT OF TAX Only after the GSTR-3B for the quarter has been furnished
F QUARTERLY FILING OF GSTR3B ♦ For each quarter, on or before 22nd or 24th day of the month succeeding such quarter

♦ E.g. :

GSTR -3B for Jul - Sept

♦ Declare :

(a) the supplies made during the quarter

(b) ITC availed during the quarter

(c) all other details

Amount DEPOSITED in the first two months shall be debited solely for the purposes of OFFSETTING THE LIABILITY furnished in that quarter’s GSTR-3B.

AMOUNT LEFT AFTER FILING OF QUARTER’S GSTR3B

CANCELLATION OF REGISTRATION (DURING ANY OF THE FIRST TWO MONTHS OF THE QUARTER)

♦ Claim as refund OR

♦ May be used for any other purpose in subsequent quarters

♦ Still required to furnish GSTR-3B for the relevant tax period

G INTEREST
FIXED SUM METHOD
Lesser amount of tax discharged in the two months

While furnishing GSTR-3B, it is found that :- Net tax liability in any of the first two month > Amount paid in challan

No interest √ RP Deposits system calculated amount for each of the first two months

+

√ RP Discharges his entire liability for the quarter in the GSTR-3B by the due date.

Interest would be payable if
Payment of tax (by depositing the system calculated amount in PMT-06) is not done by due date Interest would be payable, from the due date of furnishing PMT-06 till the date of making such payment
GSTR-3B for the quarter is furnished beyond the due date Interest would be payable as per the for the net tax liability
Interest payable, shall be paid through GSTR-3B.
SELF-ASSESSMENT METHOD
Interest amount would be payable net tax which remains unpaid beyond the due date for the first two months of the quarter.
Interest payable, shall be paid through GSTR-3B.
LATE FEE √ Late fee would be the applicable for delay in furnishing of the said quarterly return

x No late fee is applicable for delay in payment of tax in first two months of the quarter.

Author Bio

Qualification: Student - CA/CS/CMA
Company: N/A
Location: Kolkata, West Bengal, IN
Member Since: 02 Jan 2021 | Total Posts: 1

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