What is QRMP
Under the QRMP Scheme, the eligible registered
persons are allowed to file their return on quarterly basis with payment on
monthly basis.
Who is eligible
to opt QRMP Scheme:
As per Notification No. 84/2020-Central Tax, Date
10.11.2020, a registered person who is required to furnish a return in form
GSTR-3B, who has an aggregate turnover of upto five crore rupees in the
preceding financial year, and who has opted to furnish a return for every
quarter, is eligible for the QRMP Scheme.
The aggregate annual turnover for the preceding
financial year shall be calculated in the common portal taking into account the
details furnished in the returns by the taxpayer for the tax periods in the
preceding financial year- vide circular No. 143/13/2020-GST dated 10.11.2020
Manner of opting
QRMP Scheme:
Facility to avail the scheme on the common portal
would be available throughout the year. Every registered person intending to
furnish return on a quarterly basis shall indicate his preference for
furnishing of return on a quarterly basis, from the 1st day of the
second month of the preceding quarter till the last day of the first month of
the quarter for which the option is being exercised.
For example: If any person wants to opt for QRMP
from 1.4.2021, he is required to opt for the same from 1.2.2021 to 30.4.2021.
Furnishing of
details of outward supplies:
The registered persons opting for the scheme would
be required to furnish the details of outward supply in FORM GSTR-1 quarterly
as per the rule 59 of the CGST Rules. For each of the first and second months
of a quarter, such a registered person will have the Invoice Furnishing
Facility (IFF) to furnish the details of such outward supplies to a registered
person, as he may consider necessary, between the 1st day of the
succeeding till the 13th day of the succeeding month. The said
details of outward supplies shall, however, not exceed the value of fifty lakh
rupees in each month. The facility for furnishing IFF for previous month would
not be available after 13th of the month.
Self-Assessment
Method
Under this method, the said persons, in any case,
can pay the tax due by considering the tax liability on inward and outward
supplies and the input tax credit available, in FORM GST PMT-06. In order to
facilitate ascertainment of the ITC available for the month, an auto drafted
input tax credit statement has been made available in form GSTR-2B for every
month.
Person not
required to make monthly payment under QRMP Scheme:
The CBIC vide circular No. 143/13/2020-GST dated
10.11.2020 has clarified that in case the balance in the electronic credit
ledger is adequate for the tax due for the first and second month of the
quarter, the register person may not deposit any amount for the said month.
Disclaimer:
All the Information is based on the notification, circular and order issued by
the Govt. authority and judgement
delivered by the court or the authority information is strictly for educational
purposes and on the basis of our best
understanding of laws & not binding on anyone.
