QRMP Scheme under GST

Overview of QRMP Scheme

QRMP full form is Quarterly Returns with Monthly Payment is a scheme in which eligible taxpayers are required to file a return on quarterly basis in the GSTR1 AND GSTR-3B. Their tax duties are paid on a monthly basis through challan. The main purpose of the qrmp scheme is for business simplification of the GST Return, fine detail knowledge such as late fee charges, payment method and eligibility, taxation of the business to be streamline.

QRMP is the scheme in which returns are filed quarterly and tax paid monthly. Get help from Profesional Utilities to solve any problem related to the GST.

Table of content  

• What is the qrmp scheme in GST?

• QRMP scheme eligibility 

• Due dates to file GSTR-3B once in a quarter

• QRMP scheme GST due date

• Due dates to file GSTR-3B once in a quarter

• Conclusion

• Frequently Asked Question

What is the qrmp scheme in GST?

Qrmp scheme under Goods and Services Tax is defined as a scheme in which quarterly basis GST Return is filled. This scheme is introduced to make it easier for small taxpayers to comply with the law. Any small business having annual aggregated turnover up to INR 5 Crores is required to fill under this scheme.

QRMP scheme eligibility 

There are various eligibility crieteria for the QRMP Scheme as mentioned below - 

• In the current and preceding financial year gst qrmp scheme turnover limit is up to 5 crores. It is not applicable if its turnover exceeds 5 crores in any one of the quarters. 

• Taxpayer has withdrawn from the composition scheme or has registered as a regular taxpayer. 

• Any taxpayer liable to file form GSTR-3B and GSTR-1 for the most recent tax period.

Due dates to file GSTR-3B once in a quarter

Once in a quarter GSTR-3B is filed it has due date as mentioned below - 

QRMP scheme GST due date

Benefits of filling qrmp scheme 

• There is a reduction in the compliance for the taxpayer.

• Number of returns filled in a year has reduced. Under this scheme there are only four GSTR-3B in respect of the twelve GSTR-3B in a year.

• Under this qrmp scheme taxpayers get the benefit of the optional Invoice Furnishing Facility (IFF). By opting for this option invoice can be uploaded for the first four months and four returns are required to be submitted. With this input tax credit can be claimed faster.

Conclusion 

QRMP Scheme notification was issued under Circular No. 20/01/08/2020- GST dated 10th November 2020 for the benefit of the small business owner whose turnover is within prescribed limit. Under this returns filled quarterly by the taxpayer having turnover less than 5 crores. This scheme is established to have benefits such as simpler compliances, 

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What does the GST QRMP system mean?

GST QRMP means that for any registered individuals with aggregate annual turnover up to Rs. 5 Cr. in the prior financial year, the QRMP Scheme is applicable. These registered individuals are permitted to submit returns on a quarterly basis in addition to making tax payments on a monthly basis.

What is the QRMP full form?

QRMP full form is Quarterly Return Filing & Monthly Payment of Taxes (QRMP) Scheme. The Indian government has introduced the QRMP plan to make it easier for small business taxpayers to file taxes.

What are different drawbacks of the QRMP Scheme?

Under QRMP there is quarterly filing of returns. Even though in order to benefit the buyer to avail monthly ITC, the supplier will have to update the invoice details via Invoice Furnishing Facility (IFF). Accordingly, the same will add up to the compliance as well as the compliance cost.

What is the QRMP scheme's interest rate?

Any amount paid late or in excess of the due date for any month during the quarter will be charged an additional 18% of the net tax liability. Additionally, a late fee is charged if the returns (GSTR-3B/GSTR-1) are filed late. There is a Rs. 50 per day late fee.

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