QRMP Scheme

Quarterly Return and Monthly Payment scheme under GST Act

Goods and Services Tax - Quarterly Return and Monthly Payment Scheme (w.e.f. 01.01.2021) The scheme is GSTIN wise. It means that having different GSTIN under Same PAN may opt for the scheme in some GSTIN and not in other. Once opted the scheme has to applied unless the taxpayer revise the said option. Manner of opting the scheme Rule 61A […]...

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Basic difference between monthly vs quarterly (QRMP) GST returns

Goods and Services Tax - GST Returns: Monthly vs Quarterly Point of difference Monthly Quarterly (QRMP) Applicability Mandatory if Annual Aggregate Turnover (AATO) is more than ₹5 crores. Can be opted if AATO is not more than ₹5 crores. No. of returns to be filed GSTR-1: 12 returns for 12 months GSTR-3B: 12 returns for 12 months GSTR-1: 4 returns […]...

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How to Match Input Tax Credit with Books of Accounts under QRMP Scheme

Goods and Services Tax - How to match the books of accounts input tax credit balance with GST Credit ledger who opts QRMP scheme. (Assumption that the tax payer will pay the tax on the basis of self-assessment method) Registered tax payer has paid the tax through GST PMT 06 for one month after considering input tax credit available. althotogether […]...

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Important changes related to QRMP Scheme under GST

Goods and Services Tax - Important changes related to QRMP Scheme GSTN published changes related to QRMP Scheme implemented on the GST Portal for the taxpayers on 06/07/2021 in News and Updates on https://www.gst.gov.in/ Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below:- Auto population of GSTR-3B lia...

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QRMP scheme under GST: Small taxpayers guide to GST compliance relief

Goods and Services Tax - GST – Goods and Simple Tax. That is how Late Finance Minister Arun Jaitley defined GST when it was rolled out in the parliament at 12 midnight on 30 June 2020. At the heart of this reform was the objective to replace the decades old multiple tax based indirect tax structure and to make tax […]...

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Important QRMP Scheme Changes implemented on GST Portal

Goods and Services Tax - Few important changes related to QRMP Scheme have been implemented on the GSTN Portal for the taxpayers on 06/07/2021 which includes Auto population of GSTR-3B liability from IFF and Form GSTR 1, Nil filing of Form GSTR-1 (Quarterly) through SMS and Impact of cancellation of registration on liability to file Form GSTR-1....

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New Features of Form GSTR-2B & GSTR-3B Made Available To Taxpayers Under QRMP Scheme

Goods and Services Tax - New Features of Form GSTR-2B & GSTR-3B Made Available To Taxpayers Under QRMP Scheme 1. The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. Also Read:Updates in Forms GSTR-1, GSTR-3B & Matching Offline T...

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Updates in Forms GSTR-1, GSTR-3B & Matching Offline Tool for Taxpayers in QRMP Scheme

Goods and Services Tax - Updates In Forms GSTR-1, GSTR-3B And Matching Offline Tool For Taxpayers In QRMP Scheme With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option […]...

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Payment of Tax under QRMP Scheme for March, 2021

Goods and Services Tax - 1. All taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis....

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Invoice Furnishing Facility for Taxpayers who opted for QRMP

Goods and Services Tax - Attention GST Taxpayers who have opted for QRMP Scheme! Enjoy the convenience of Invoice Furnishing Facility (IFF) to enable the flow of ITC to the recipients by furnishing B2B invoices for February 2021 by March 13, 2021....

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Quarterly Return Monthly Payment Scheme Reg

Circular No. GST-17/2020-21 - (15/03/2021) - As a trade facilitation measure and in order to further ease the process of doing business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along w...

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Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme

437 - (06/01/2021) - 1. An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who have opted for quarterly filing frequency under the scheme can f...

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Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

NA - (20/11/2020) - Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qt...

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Provisions relating to Quarterly Return Monthly Payment Scheme

Circular No. 143/13/2020-GST - (10/11/2020) - Government has issued following notifications to implement the Scheme of quarterly return filing along with monthly payment of taxes...

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Recent Posts in "QRMP Scheme"

Quarterly Return and Monthly Payment scheme under GST Act

Quarterly Return and Monthly Payment Scheme (w.e.f. 01.01.2021) The scheme is GSTIN wise. It means that having different GSTIN under Same PAN may opt for the scheme in some GSTIN and not in other. Once opted the scheme has to applied unless the taxpayer revise the said option. Manner of opting the scheme Rule 61A […]...

Read More

Basic difference between monthly vs quarterly (QRMP) GST returns

GST Returns: Monthly vs Quarterly Point of difference Monthly Quarterly (QRMP) Applicability Mandatory if Annual Aggregate Turnover (AATO) is more than ₹5 crores. Can be opted if AATO is not more than ₹5 crores. No. of returns to be filed GSTR-1: 12 returns for 12 months GSTR-3B: 12 returns for 12 months GSTR-1: 4 returns […]...

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How to Match Input Tax Credit with Books of Accounts under QRMP Scheme

How to match the books of accounts input tax credit balance with GST Credit ledger who opts QRMP scheme. (Assumption that the tax payer will pay the tax on the basis of self-assessment method) Registered tax payer has paid the tax through GST PMT 06 for one month after considering input tax credit available. althotogether […]...

Read More

Important changes related to QRMP Scheme under GST

Important changes related to QRMP Scheme GSTN published changes related to QRMP Scheme implemented on the GST Portal for the taxpayers on 06/07/2021 in News and Updates on https://www.gst.gov.in/ Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below:- Auto population of GSTR-3B lia...

Read More

Important QRMP Scheme Changes implemented on GST Portal

Few important changes related to QRMP Scheme have been implemented on the GSTN Portal for the taxpayers on 06/07/2021 which includes Auto population of GSTR-3B liability from IFF and Form GSTR 1, Nil filing of Form GSTR-1 (Quarterly) through SMS and Impact of cancellation of registration on liability to file Form GSTR-1....

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QRMP scheme under GST: Small taxpayers guide to GST compliance relief

GST – Goods and Simple Tax. That is how Late Finance Minister Arun Jaitley defined GST when it was rolled out in the parliament at 12 midnight on 30 June 2020. At the heart of this reform was the objective to replace the decades old multiple tax based indirect tax structure and to make tax […]...

Read More

QRMP Scheme under GST

Introduction of QRMP Scheme The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and...

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Waiver of interest & late fee under GST & Revised due dates

Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021 Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Quarterly) & composition taxpayers for the tax periods of March and April,...

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Why QRMP Scheme

From 1st January 2021 QRMP (Quarterly return monthly payment) scheme came into existence, which allowed to registered person having aggregate turnover upto Rs.5 crore in preceding financial year to opt for QRMP scheme. Therefore this scheme is not available to registered having aggregate turnover of Rs.5 crore in preceding financial year....

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Standard Procedure For QRMP Frequency Selection – Last Date 30-04-2021

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 ‘Mo...

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