The Central Board of Indirect Taxes and Customs (CBIC) had notified the Quarterly Return Monthly Payment Scheme.
The CBIC while stating the eligibility for QRMP Scheme said that a registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme.
This new Scheme will be effective from January 1, 2021. Further, in case the aggregate turnover exceeds Rs. 5 crore during any quarter in the current financial year, the registered person shall not be eligible for the Scheme from the next quarter.
Who can opt for the scheme:
Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021:
Changes on the GST Portal:
For qtr. Jan. 2021 to March 2021, all RPs whose AATO for the FY 2019-20 is up to Rs 5 Cr. and have furnished the return in Form GSTR-3B for the month of October 2020 by 30th 2020, will be migrated by default in the GST system as follows:
|Sl. No.||Class of RPs with AATO of||Default Return Option|
|1||Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on quarterly basis in current FY||Qtrly|
|2||Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on monthly basis in current FY||Monthly|
|3||More than Rs 1.5 Cr. and up to Rs 5 Cr. in preceding FY||Qtrly|
When can a person opt for the scheme:
The RPs opting for the scheme can avail the facility of Invoice Furnishing Facility (IFF), so that the outward supplies to registered person is reflected in their Form GSTR 2A & 2B.
Payment of tax under the scheme:
The Late fee is applicable for delay in furnishing of return/details of outward supply as per the provision of Section 47 of the CGST Act. As per the Scheme, the requirement to furnish the return under the proviso to sub-section (1) of Section 39 of the CGST Act is quarterly. Accordingly, a te fee would be applicable for delay in furnishing the quarterly return or details of outward supply. It is clarified that no late fee is applicable for delay in payment of tax in the first two months of the quarter.