To help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.
How to exercise Option for QRMP Scheme?
A registered person who intends to file his GSTR-3B quarterly should indicate the same on the GST portal, from the 1st of the second month of the preceding quarter until the last day
of the first month of the quarter for which such option is being exercised.
For example: If A wishes to file quarterly returns for the quarter of Apr-Jun 2021, he should have opted for quarterly filing on the common GST portal between 1st February 2021 and 30th April 2021.
If the taxpayer becomes ineligible for furnishing a quarterly return (for example, if the aggregate turnover crosses Rs.5 crore during a quarter, then from the next quarter he will not be able to file quarterly returns). In such a case, the taxpayer must furnish GSTR-3B on a monthly basis.
How to submit details of outward supplies?
The taxpayers who opted for the QRMP scheme can use the Invoice Furnishing Facility (IFF) which allows quarterly GSTR-1 filers to upload their invoices every month. One should keep the following points in mind before utilising the IFF:
1. It can be utilised only for the first two months of a quarter.
2. The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1
3. There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF.
4. The taxpayer has to submit the B2B invoice details of sale transactions (both inter-state and intra-state) along with debit and credit notes of the B2B invoices issued during the month.
5. The total net value of invoices that can be uploaded is restricted to Rs.50 lakh per month.
6. The details submitted in IFF will be reflected in the GSTR-2A, GSTR-2B
How to make monthly tax payments under the QRMP scheme?
The taxpayer has to deposit tax using form PMT-06 by the 25th of the following month, for the first and second months of the quarter.
For further understanding contact a Chartered Accountant
Regards
CA Umang Jain
+91 96323-32850
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