The Quarterly Return With Monthly Payment (QRMP) Scheme has come into effect from January 1, 2021, on the GST Portal.
Under this scheme, all the taxpayers who are subjected to this scheme will have the option to file GSTR-1 and GSTR-3B on a quarterly basis.
Before the implementation of the QRMP Scheme, the taxpayers were allowed to file GSTR-1 on a quarterly basis but GSTR-3B was filed on the monthly basis.
However, after coming of this scheme the taxpayers will either be able to file GSTR-1 and GSTR-3B both on a quarterly basis or both on the monthly basis.
The Taxpayers who are having aggregate turnover up to Rs.5 Crores during the Current and Previous Financial Year can file the return on a quarterly basis with a monthly payment of tax. The taxpayer must be a registered taxpayer who may be a Normal taxpayer, SEZ Developer, SEZ unit, Taxpayers who have opted out of the composition scheme, Persons applying for fresh registration as a Normal Taxpayer.
If AATO crosses Rs 5 crore during a quarter will become ineligible for the Scheme from the next quarter.
The facility to avail the Scheme (Opt-in or Opt-out) can be availed throughout the year, any number of times.
It is noteworthy that for the Quarter from January 2021 to March 2021, all those taxpayers who are registered for FY-2019-20 up to Rs. 5 Crores who have filed GSTR-3B return for October 2020 by 30 November 2020 will be migrated by default.
However, the taxpayers who have not filed GSTR-3B return for October 2020 by 30 November 2020 will not be migrated by default.
The taxpayers migrated by default can change it by exercising their option from 5th December, 2020 till 31 January, 2021.
The last applicable FORM GSTR-3B should have been filed. There should be no saved data in FORM GSTR-1 for the applicable period. The option to avail of the GRMP Scheme can be availed GSTIN wise.
Therefore, some GSTINs for that PAN can opt-in for the QRMP Scheme, and the remaining GSTINs can remain out of the Scheme.
Can be opted for a qtr. from 1st of the second month of the previous quarter to last day of the first month of the quarter, condition latest GSTR-38 return due on the date of exercising the option is filed. For instance, for the quarter of ‘July to September’, if exercising option on 27 July, GSTR-38 due on 22 or 24th July, should have been filed.
The option once exercised shall continue unless the taxpayer revises the said option or AATO exceeds Rs 5 crore.
A newly registered taxpayer can opt for the QRMP scheme, basis the date of registration. If registration granted on any date during the first month of a quarter will be able to opt for the QRMP scheme from the beginning.
If registration is granted on any of the dates during the latter 02 months of a quarter, able to opt for the QRMP scheme only from next quarter onwards.
For example, if granted registration on 31 January 2021, will be able to opt for QRMP Scheme from the quarter Jan-Mar, 2021 itself by 31 January 2021.
If granted registration on 1 February 2021, will be able to opt for QRMP Scheme only trom Quarter Apr-June, 2021 onwards and will have to file Form GSTR-1 and Farm GSTR 3B returns monthly, for the months of February and March 2021).
The taxpayers are required to file Form GSTR-1 on a quarterly basis. . For 14 and 2nd month of the quarter, will have the Invoice Furnishing Facility (IFF) to furnish the details of outward supplies made to registered persons up to a value of Rs 50 lakh, till 13th of the next month.
Invoices for the previous month can be continuously uploaded using IFF from the 1 till 13 of next month and will reflect in the Form GSTR-2A and Form GSTR-2B of the recipients. The invoices furnished in IFF for the first two months are not required to be furnished again in GSTR-1.
There will be two options provided for monthly payment of tax for first 02 months.
Firstly, Fixed Sum Method, wherein the Portal will generate a pre-filled challan in Form GST PMT-06 equal to 35% of the tax paid in cash in the preceding quarter (if furnished quarterly) or equal to the tax paid in cash in the last month of the immediately preceding quarter if furnished monthly). Can be availed only if a return for a complete tax period preceding such month has been filed.
Secondly, the Self-Assessment Method, wherein these taxpayers 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.
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