QRMP scheme for GST payers
By MYBRANDBOOK
Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers has recently been launched by the government, under the GST system. Taxpayers with an aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme.
The Central Board of Indirect Taxes and Customs (CBIC) issued the notifications for the same. The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme.
The GST Council in its meeting held on October 5, had said that registered person having aggregate turnover up to Rs 5 crore may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from January 1, 2021.
With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnovers have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 percent of net cash liability of the previous filed GSTR-3B of the quarter. Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.
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