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...
Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme under GST: Quarterly Returns with Monthly Payment (QRMP) Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their tax dues on monthly basis through a challan. In this case payment of challan in cash is […]
Quarterly Return Monthly Payment Scheme Taxpayers with annual turnover upto 31.5 Crore and filing GSTR-1 on monthly basis presently have not been migrated to QRMP scheme. They can opt in for this scheme and avail the following benefits of this scheme: > File GST Statements/Returns In FORM GSTR-1 & GSTR-3B just once in a Quarter […]
Taking another step towards the goal of increasing “Ease of doing business” in India and providing relief to small taxpayers; the GST Council in their 42nd Meet on 5th October 2020 proposed a quarterly return filing system for small taxpayers to be implemented w.e.f. 1st January, 2021. QRMP or Quarterly Return Monthly Payment Scheme is […]
GST- Quarterly Return Monthly Payment (QRMP) Scheme From 01st January 2021. For migration to the scheme, taxpayers must file their GSTR-3B returns for the month of October 2020 by 30th November 2020
In order to further ease the process of doing business, the GST Council in its 42nd meeting held on 05.12.2020 has introduced the QRMP Scheme i.e. Quarterly Returns Monthly Payment Scheme w.e.f 01.01.2021 for all the registered taxpayers having aggregate turnover upto INR 5 crores in the preceding financial year.
QRMP Scheme (Quarterly Return Monthly Payment Scheme) – New GST Return System w.e.f. 01-Jan-2021 In the recent World Bank’s ease of doing business 2020 report, the country jumped to 63rd position, among 190 nations. India also figured among the top 10 performers on the list for the third time in a row. On the same […]
Advisory on Quarterly Return with Monthly Payment scheme is issued by GSTN For information and guidance purposes and contains FAQs divided in following sections Eligibility and Opting for the scheme, System defaulting, . Actions required for first two months of the quarter, Details on viewing GSTR-2A and 2B, Actions required for the last month of […]
Article contains FAQs on Form to Change Profile for Quarterly Return and Monthly Payments (QRMP) Scheme under GST and process and Form to Change Profile on GSTN portal. FAQs contains Answers on Overview of QRMP Scheme, Invoice Furnishing Facility (IFF), Opting for QRMP Scheme, Migration of Existing taxpayers to QRMP Scheme and Changing Profile After […]
A quarterly return with monthly payment (QRMP) scheme for small taxpayers with Annual aggregate turnover up to ₹ 5 Cr. will be made available on the common portal from 1st of January 2021. Once a taxpayer opts in he may file his FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax […]
GST Council in its 42nd meeting held on October 05, 2020 recommended the introduction of a scheme allowing certain class of taxpayers to file quarterly return instead monthly returns from January 2021. However, the concept itself was visualized by the Government while introducing the Finance Bill 2019 wherein Clause 96 was introduced enabling Government to allow quarterly filing of returns which later on was finally provided by Section 97 of the Finance (No.2) Act, 2019 (hereinafter referred to as the ‘Finance Act 2019’).
