QRMP Scheme

QRMP Scheme – A Half Baked Remedy

Goods and Services Tax - Quarterly Returns with Monthly Payment (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 the taxpayers having turnover less than Rs. 5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on...

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QRMP Scheme – Some Useful Information

Goods and Services Tax - What is QRMP Scheme in GSTR ?? Quarterly return Monthly Payment Scheme proposed by government for the registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. Further in case the aggregate turnover exceeds five crore […]...

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Option to choose between QRMP scheme vs. Monthly GSTR 3B?

Goods and Services Tax - Which option to choose between QRMP scheme v/s. Monthly GSTR 3B system? This article explains various aspects of comparison of newly introduced QRMPs scheme versus Monthly GSTR 3B system (QRMP v/s. Monthly 3B) To reduce tax compliance burden on MSME entities, Govt. has introduced QRMPs w.e.f 01/01/2021. Since this is new scheme launched b...

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Quarterly Return Monthly Payment (QRMP) scheme Analysis

Goods and Services Tax - This is an attempt to apprise you in detail of the Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the Central Board of Indirect Taxes and Customs (CBIC). Please note that a Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the board and a circular bearing no. 143/13/2020-GST dated 1...

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Frequently asked questions on QRMP scheme

Goods and Services Tax - 1. What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made […]...

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Opted QRMP Scheme – Pay GST by 25th

Goods and Services Tax - Attention GST Taxpayers who have opted for QRMP Scheme! Deposit due tax liability for January, 2021 by using Form/Challan PMT-06 before the due date February 25, 2021 as Latyye Payment will attract Interest. Please note that registered persons, opting to file quarterly GSTR-3B return under QRMP scheme, are required to pay tax due in M1 [&...

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Know more about QRMP scheme & how to furnish details in IFF

Goods and Services Tax - Know more about “QRMP scheme and how to furnish details in IFF” and Answers to Frequently Asked Questions 1. Invoice Furnishing Facility (IFF) is an optional facility made available as per Rule 59(2) of the CGST Rules, 2017. This is provided for those quarterly taxpayers who want to pass on input tax credit (ITC) to […]...

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GST Payment by Fixed Sum Method under QRMP Scheme

Goods and Services Tax - W.e.f. 1st January, 2021, following two options are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for first 02 months of a quarter:...

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New Functionalities on GST Portal (January, 2021)

Goods and Services Tax - New Functionalities Made Available For Taxpayers On GST Portal (January, 2021) includes  Functionality related to Deemed approval of Registration Application in Form GST REG-01, Field for capturing validity period, in case of SEZ unit and SEZ developers, in Form GST REG-01, Facility to upload documents in Form GST REG-13, Aadhaar Authent...

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CBIC clarification on ITC claim in case of QRMP system under GST

Goods and Services Tax - On 16th January Twitter user Sudhir Parmar has asked CBIC two question related to claim of ITC in case of filing of Quarterly Return by Supplier. Question asked were as follows:- 1. Will the Buyer of QRMP opter get ITC each month if the tax payer files R1 at quarter end, instead of uploading invoices […]...

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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"

QRMP Scheme – A Half Baked Remedy

Quarterly Returns with Monthly Payment (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 the taxpayers having turnover less than Rs. 5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on...

Read More

QRMP Scheme – Some Useful Information

What is QRMP Scheme in GSTR ?? Quarterly return Monthly Payment Scheme proposed by government for the registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. Further in case the aggregate turnover exceeds five crore […]...

Read More

Opted QRMP Scheme – Pay GST by 25th

Attention GST Taxpayers who have opted for QRMP Scheme! Deposit due tax liability for January, 2021 by using Form/Challan PMT-06 before the due date February 25, 2021 as Latyye Payment will attract Interest. Please note that registered persons, opting to file quarterly GSTR-3B return under QRMP scheme, are required to pay tax due in M1 [&...

Read More

Know more about QRMP scheme & how to furnish details in IFF

Know more about “QRMP scheme and how to furnish details in IFF” and Answers to Frequently Asked Questions 1. Invoice Furnishing Facility (IFF) is an optional facility made available as per Rule 59(2) of the CGST Rules, 2017. This is provided for those quarterly taxpayers who want to pass on input tax credit (ITC) to […]...

Read More

Option to choose between QRMP scheme vs. Monthly GSTR 3B?

Which option to choose between QRMP scheme v/s. Monthly GSTR 3B system? This article explains various aspects of comparison of newly introduced QRMPs scheme versus Monthly GSTR 3B system (QRMP v/s. Monthly 3B) To reduce tax compliance burden on MSME entities, Govt. has introduced QRMPs w.e.f 01/01/2021. Since this is new scheme launched b...

Read More

Quarterly Return Monthly Payment (QRMP) scheme Analysis

This is an attempt to apprise you in detail of the Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the Central Board of Indirect Taxes and Customs (CBIC). Please note that a Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the board and a circular bearing no. 143/13/2020-GST dated 1...

Read More

Frequently asked questions on QRMP scheme

1. What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made […]...

Read More

New GST Scheme – Quarterly Returns Monthly Payment (QRMP)

Introduction: As a part of the ‘Ease of Doing Business’ Initiative, the CBIC has come with a new Scheme for filing GST Returns named Quarterly Return Monthly Payment Scheme under Circular No. 143/13/2020-GST on 10th November 2020. This helps the small taxpayers whose yearly turnover is less than INR 5 Crore. This scheme allows the [&h...

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FAQs on Quarterly GST Returns & Monthly Payments scheme

A new scheme for return filing under GST for small taxpayers has been introduced, due to which there is a lot of confusion among taxpayers about what they have to do, what they can’t do, how they will pay taxes, when they have to file returns etc. In these FAQs, I have tried to answer a […]...

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QRMP Scheme v/s Monthly GSTR 3B System?

Every GST registered person as well as professionals filing GST returns for them are confused these days about which scheme to opt, QRMP scheme or Monthly 3B system. Like in Income Tax, Govt has introduced New Tax Slab Regime with lower tax rates & you have option to choose between old & new tax slab […]...

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