Article explains Reasons why you should select Monthly GST Return & Payment System Frequency instead of Quarterly GST Return & Payment System QRMP and Standard procedure for or QRMP Frequency Selection for those who are having Average Annual Turnover (AATO) below Rs. 5 crore in FY 2020-21.
Logical Reasons why to select ‘Monthly’ even if Turnover (TO) is below 5 crore
1. If he is having mix of all types of Invoices having exempted , b2c and it is not advisable to segregate monthly NON-B2b data. Yes it’s very cumbersome.. Better choose Monthly
2. If he is into Export or having Inverted duty structure & asking for refund . Better to Go monthly
3. If his Customers hold payment until Client pays tax in 3B and until ITC shown in his 2B. Then better monthly compliance
4. If he is giving proper data every month for 3B & 1 on time then why not.. It’s better to go monthly
5. If Some months sales is above Rs. 50 lac & Some months lower then IFF won’t be advisable.. So better choose Monthly
6. If he is having Seasonal Business or Periodical Billing or If he is Having Nil Turnover in some month and huge turnover in some month then better select Monthly
Also Read our post on Reasons why QRMP is headache that we never asked for – https://taxguru.in/goods-and-service-tax/qrmp-headache-asked.html
Standard procedure for those who are having Average Annual Turnover (AATO) below 5 crore in FY 2020-21 and required to do QRMP frequency selection
| FY 20-21 – Q4 – QRMP STATUS | choosing FY 21-22 frequency | Action to take | ||
| 1. Those who were “MONTHLY” in Q4 OF FY 20-21 | and Still want to remain as “MONTHLY” in FY 21-22 | NOTHING TO DO | ||
| 2. Those who were “QUARTERLY” in Q4 OF FY 20-21 | and Still want to remain as “QUARTERLY” in FY 21-22 | NOTHING TO DO | ||
| 3. Those who were “QUARTERLY” in Q4 OF FY 20-21 | and want to convert to “MONTHLY” in FY 21-22 | Services > Returns > Opt-in for Monthly | last date 30th April | |
| 4. Those who were “MONTHLY” in Q4 OF FY 20-21 | and want to convert to “QUARTERLY” in FY 21-22 | Services > Returns > Opt-in for Quarterly | last date 30th April | |
Standard procedure for or QRMP Frequency Selection for those who are having Average Annual Turnover (AATO) above 5 crore in FY 2020-21
You are MONTHLY BY DEFAULT
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