Goods and Services Tax : Optimize GST compliance with the QRMP scheme for small taxpayers. Eligibility up to ₹5 crore turnover. Quarterly returns, monthl...
Goods and Services Tax : Learn about new QRMP Scheme under GST with tax payment, eligibility, return filing, and late fees. Get all the details of the GST ...
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 und...
Goods and Services Tax : GST Returns: Monthly vs Quarterly Point of difference Monthly Quarterly (QRMP) Applicability Mandatory if Annual Aggregate Turnove...
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 ...
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 includ...
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 ...
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 ta...
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 furni...
Goods and Services Tax : Attention GST Taxpayers who have opted for QRMP Scheme! Enjoy the convenience of Invoice Furnishing Facility (IFF) to enable the f...
Goods and Services Tax : As a trade facilitation measure and in order to further ease the process of doing business, the GST Council in its 42nd meeting he...
Goods and Services Tax : 1. An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1...
Income Tax : Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w...
Goods and Services Tax : Government has issued following notifications to implement the Scheme of quarterly return filing along with monthly payment of tax...
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 […]
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:
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 Authentication and e- KYC changes […]
(A) Eligibility for the Quarterly Return Monthly Payment Scheme:- Following Persons are eligible for the Scheme. 1) A registered person who is required to furnish a return in FORM GSTR-3B. AND 2) Who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. However in case the aggregate turnover exceeds […]
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 […]
Articles makes Comparison of Optional Quarterly GST return filling system (Payment is Monthly Only) for Turnover below Rs. 5 cr with Monthly GST Return and Payment System. CHOOSING Quarterly GST Return and Monthly Payment System (QRMP – NEW SYSTEM ) Monthly GST Return and Monthly Payment System System OF RETURN FILLING Quarterly GSTR1 (M3) With […]
Some common questions on QRMP – Answers in simple words Q.1 What is the key difference between QRMP scheme and regular scheme? Ans. Key difference between QRMP scheme and regular scheme is as follows: GSTR-3B Return filing GSTR-1 Return Filing Tax Payment Regular Scheme Turnover <= 1.50 crores MONTHLY QUARTERLY MONTHLY 1.50 crore < Turnover […]
Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers to file their details of outward supplies in first two months of the quarter. Article contains FAQs on How to Furnish Documents in Invoice Furnishing Facility (IFF) under QRMP Scheme & Manual on Furnishing Documents in Invoice Furnishing Facility (IFF) under QRMP Scheme. A. […]
From 1st January 2021, the Central Board of Indirect Taxes and Customs (CBIC) introducing QRMP scheme under GST to help small taxpayers whose turnover is less than ₹ 5 crore. The QRMP scheme allows the tax payers to file GSTR-3B on a quarterly basis and pay tax every month beginning from January-March,2021 period.
Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme is been launched by Government for small taxpayers under GST system. In thie article we will discuss the Applicability of this Scheme, Salient Features of QRMP scheme, What Registered Person means for this Scheme, When to Register or Opt for this Scheme, When to file […]
