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vjmglobal · 3 years ago

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Quarterly Return and Monthly Payment |QRMP Scheme

QRMP scheme issued by the Central Board of Indirect Taxes & Customs (CBIC) under Goods and Services Tax (GST) helps small taxpayers those turnover are upto Rs.5 crores. The QRMP scheme provides to the taxpayers to file a return GSTR-3B on a quarterly basis and pay tax every month.

1. Quarterly Return i.e. QRMP Scheme and Monthly Payment – At Glance

2. What is the QRMP (Quarterly Return & Monthly Payment) scheme?

GST Council in its 42nd Meeting held on 5th October 2020, recommended that every taxpayer having annual aggregate turnover upto INR 5 Crores during preceding year should be allowed to File both GSTR-3B and GSTR-1 on quarterly basis. However, tax payment should be made on a monthly basis through a challan. Such scheme should be implemented from 1st January 2021.

Considering the recommendation of GST Council, government introduced new QRMP scheme for filing of GST returns with effect from 1st January 2021. This scheme allows eligible taxpayers to file GSTR-1 and GSTR-3B on quarterly basis. However, requirement to pay GST is still monthly

3. Who is eligible to opt for the QRMP scheme?

All taxpayers are not permitted to file return under QRMP Scheme. A person shall become eligible to opt for QRMP Scheme, if he satisfies following conditions:

Aggregate turnover during preceding year and current year should not exceed INR 5 Crores. If aggregate turnover during any quarter of the current year exceeds INR 5 Crores, then the person shall become ineligible for the QRMP scheme from the following quarter.

E.g. If during July to September, aggregate turnover of any person exceeds INR 5 crores then such person shall not be allowed to file returns under QRPM from quarter starting from October.

To opt for the QRMP scheme, Person must have already filed the last GSTR-3B as on the date of opting for QRMP Scheme for any quarter. (To be discussed later on)

Therefore, a newly registered person or person who has opted out of composition scheme is entitled to opt for QRMP Scheme.

4. How to exercise the option of QRMP Scheme?

4.1 For Existing Registered Persons from January to March, 2021 Quarter

For all registered persons having aggregate Annual Turnover (Turnover of all PAN during FY 2019-20), and those who have filed GSTR-3B for the month of October, 2020 till 30th November, 2020, the system has automatically put it under QRMP Scheme.

However, such registered persons may opt out of the QRMP scheme, by 31th January, 2021 for the quarter of January to March, 2021.

Therefore, various registered persons have received following message from GST portal on registered mobile number:

“Dear GSTIN, as per QRMP Scheme you are defaulted to file your GSTR-1 and 3B on quarterly basis from Jan-Mar 21. To Change please visit www.gst.gov.in”

Further, those taxpayers who have not filed GSTR-3B of October, 2020 till 30th November, 2020, are not put under QRMP scheme by system automatically. Therefore, they can file their GSTR-3B and opt for QRMP scheme by 31st January, 2021.

4.2 For newly registered person and for Future quarters

Option to opt for QRMP Scheme is available online on GST portal. Same can be exercise post login at GST portal at Services > Returns > Opt-in for Quarterly Return.

Every person who wish to opt for QRMP Scheme, should exercise the option at GST portal from the 1st of the second month of the preceding quarter until the last day of the first month of the quarter for which such option is being exercised. Accordingly, following are time limits for exercising option:

A person can opt in or opt out during the above mentioned period and final status as on last day of the first month shall be final.

5. How a newly registered person will opt for QRMP Scheme?

If a person obtains GST registration during 1st Month of the quarter then he can opt for QRMP for such quarter by end date of such month. Otherwise, for the first quarter, such person is required to file GSTR-1 and GSTR-3B under regular scheme and he can opt for QRMP for the following quarter by the due date.

E.g. A person obtains GST registration on 15th January, 2021. Then such a person can opt for QRMP scheme for January to March, 2021 quarter by 31st January, 2021. However, a person obtaining registration after January, 2021 shall be required to file GSTR-1 and GSTR-3B till March, 2021 under regular scheme. He can opt for the QRMP scheme from April, 2021 onwards.

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elegantvoidtaco-blog · 7 years ago

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