Quarterly Return Monthly Payment Scheme Under GST

 In order to provide relief to small scale business of GST registered taxpayers, the Central Board of Central Excise has published the Quarterly Return Monthly Payment (QRMP) Scheme. This scheme of filing quarterly returns refers to the quarterly filing of GSTR-3B and is effective from January 1, 2021. By availing the QRMP Scheme, the taxpayers will now have to file quarterly returns instead of monthly returns. Therefore, the persons will not have to 4 GST returns in place of 12 GST returns.

Who can avail QRMP Scheme?
QRMP scheme can be availed by
– Taxpayer who has to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to Rs. 5 crores in the preceding financial year.
– Any taxpayer who has obtained new GST registration can also avail this scheme.
– Some GST Identification Numbers (GSTIN) to the PAN can also choose for this scheme and the other GSTINs can be out of the scheme.

From where can I opt in or opt out from the QRMP scheme?
You can opt out from the GST portal > Services > Returns > Opt-in for Quarterly Return option to opt in or opt out of the QRMP scheme.

What is GSTR-3B deemed Monthly/Quarterly filing?
The date of availing QRMP Scheme begins from 1st January, 2021 and therefore, for January, 2021 to March, 2021 quarter filing period of return, the taxpayers whose aggregate annual turnover for the Financial Year 2019-2020 is up to Rs 5 Crore.

How to avail the option of QRMP Scheme?
Any GST taxpayer who wishes to furnish return in FORM GSTR-3B quarterly, must indicate the same on the GST Portal. This can be done so 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.
For instance, if the taxpayer person wishes to file his GSTR-3B quarterly, then he should opt for this option on the GST Portal between 1st November, 2020 and 31st January, 2021.

Note for GST registered taxpayers for availing QRMP Scheme
– They must have furnished the last return, as due on the date of exercising such option, and
– They are not required to exercise this option every quarter, shall furnish return unless they revise the said option.
-If they have not filed their GSTR-3B for October, 2020 by 30th November, 2020, then they shall not be migrated on common portal.

When does GST registered taxpayer becomes ineligible for QRMP Scheme?
– The aggregate annual turnover of the GST registered taxpayer exceeds Rs. 5 crores during a quarter
– The GST registered person opts for monthly filing of returns
– The GST registered taxpayer who has opted out of composition scheme
– The GST registered taxpayer failed to exercise the option of QRMP scheme within the due dates.

What is the process of making monthly payments of taxes under the QRMP Scheme?
To make the monthly payment of taxes, the taxpayer has to deposit the tax using FORM GST PMT-06 by 25th of the following month, for the first and the second month of the quarter. This payment can be done either through Fixed Sum Method (FSM) or Self Assessment Method.

How to pay taxes under QRMP Scheme?
The payment of taxes under QRMP Scheme by GST registered taxpayers can be made by using FORM GST PMT-06. This has to paid by 25th of the following month, for the first and second months of the quarter. The payment of taxes can be done through either Fixed Sum Method (FSM) or Self Assessment Method (SAM)

Fixed Sum Method (FSM)
Fixed Sum Method, popularly known as 35% challan method is a pre filled challan in the FORM GST PMT-06. The amount of the tax to be paid is equal to 35% of the tax paid in cash.

Self Assessment Method
Self Assessment Method is a method where the GST registered person asseses his tax liability on its own. The tax liability is evaluated by ascertaining the inward and outward supplies and the input tax credit available. The tax liability so ascertained is to be paid through FORM GST PMT-06. For this purpose, GSTR-2A view will be provided every month and GSTR-2B view will be provided both monthly and quarterly.

Want to know more about the GST Return Quarterly Filing & Monthly Scheme? Contact us at TaxHelpdesk and our expert CA’s will help you instantly.

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