In a recent advisory, the Goods and Services Tax (GST) department has issued an advisory asking the taxpayers opted for Quarterly Returns Monthly Payment (QRMP) scheme to pay their taxes on or before 25th June 2022, in order to avoid interest for late payment.
An instruction published in the official twitter handle of the GST Network (GSTN) has stated that “Attention GST Taxpayers who are under QRMP Scheme! Deposit due tax liability for May, 2022 by using Form/Challan PMT-06 by June 25, 2022. Late payment will attract interest.”
The Quarterly Returns Monthly Payment (QRMP) scheme, brought into effect from 1st January, 2021, is one that allows registered taxpayers with an aggregate turnover of up to INR 5 crores in the previous financial year to file returns on a quarterly basis and make tax payments on a monthly basis.
As notified by the Central Board of Indirect Taxes (CBIC), the registered person having aggregate turnover of up to Rs. 5 crores in the preceding financial year and have opted to furnish a return for every quarter would be eligible for QRMP Scheme.
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