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...
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 file their details of outward supplies […]
Impact Analysis & comments on critical Changes made in GST w.e.f. 1st January 2021 1. Background The year 2020 can be easily be labeled as ‘coming out of comfort zone’ year for the entire world. This year has seen series of changes in GST as well like E-Invoicing, proposed changes in GST Returns, Introduction of […]
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) <= […]
Quarterly Return Monthly Payment Scheme (QRMP Scheme) 1. What is QRMP Scheme? Currently, a registered person having aggregate turnover of up to ₹5 crores and furnishing GSTR 1 on monthly/quarterly basis, files GSTR 3B on monthly basis only. Under QRMP scheme, such registered persons shall be required to furnish GSTR 3B too on quarterly basis […]
We bring you the highlights of all important changes related to QRMP Scheme, E-invoicing, ITC availment, e-way bill, etc. under Central Goods and Services Tax Act, 2017 (CGST Act) and Central Goods and Services Tax Rules, 2017 (CGST Rules), effective from January 1, 2021, as below: Notification No. Topic/Section/ Rules of CGST Act/ Rules Change […]
महान ग्रीक दार्शनिक हेराक्लिटस का एक कथन है – ‘परिवर्तन इस दुनिया में एकमात्र स्थायी चीज है’। परिवर्तन होना तय है । भले ही यह जीवन का कोई अप्रत्याशित मोड़ हो या ब्रह्मांड की सामान्य घटना से जुड़ा हो। जीएसटी कानून में भी हम परिवर्तन पिछले तीन वर्षो से लगातार देख रहे है। हम सब […]
Now taxpayers up to Rs. 5 Cr turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly. Introducing Quarterly Return Monthly Payment (QRMP) Scheme The scheme will be made available from January 1st 2021 You can opt-in to the scheme from 5th December 2020 Now, small taxpayers with Aggregate turnover up to Rs. […]
1. GST PORTAL UPDATES 1.1. GSTR-9 of FY 2019-20 is available now Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return. 1.2. Auto population of details in Form GSTR-3B from […]
The 42th Council meeting of 2020 held on 05.10.2020, has introduce new Return scheme with some relaxation of monthly return filing for small business registered under GST Act. Here is this Article we discuss in details the notification and circular that has been issued and applicable from 1st January 2021 Notification Number & Dated Remarks […]
The Central Board of Indirect Taxes & Customs (CBIC) vide Circular No. 143/13/2020- GST dated 10th November 2020 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. This is a welcome step towards the goal of […]
