QRMP Scheme By GST System
QRMP Scheme By GST System – Coming as a breather to small taxpayers, the government of India decided to introduce the QRMP plan under the GST council. The Central Board of Indirect Taxes and Customs proposed a set of instructions to be noted.
WHAT IS QRMP?
QRMP directly abbreviates to quarterly returns with monthly payments.
WHOM DOES THIS CONCERNS TO?
QRMP is basically for all the small taxpayers who file their GST forms under the GSTR-1 and FORM GSTR-3, can now file their returns on a quarterly basis while paying their payable taxes monthly, through a simple challan.
When it comes to the eligibility if you are a taxpayer whose turnover is up to 5 crore, present and introductory financial year and have already filed their last pending GSTR-3B return qualify as eligible. Anyone with a turnover of more than 5 crores will not be eligible.
A person registered under this scheme will not be entitled to choose the furnishing quarterly returns if the last return, which was payable in time of operating such an option, who won’t be entitled to.
HOW DO I APPLY FOR THIS SCHEME?
To avail or to exit this offer is totally up to the taxpayer. In case you do not want to continue your quarterly filing, you can follow the below steps mentioned.
- Log in to the official GST portal.
- Navigate to services.
- Select returns.
- Opt-in for quarterly returns.
You can switch in between any given financial year. If you do not wish to continue with the QRMP scheme, you can go ahead with the monthly too. Here are the necessary guidelines which would help to fine your taxes in time.
- First quarter- April to June: between 1st February to 30th
- Second quarter- July to September: between 1st May to 30th
- Third-quarter – October to December: between 1st august to 31st
- Fourth quarter- January to March: between 1st November to 31st
Also once you have opted in, you won’t have to enter into the scheme repeatedly. Unless you decide to exit it.
SOME IMPORTANT POINTERS TO BE REMEMBERED:
- This scheme is available from January 1st You can opt-in anytime after 5th December 2020.
- Another important thing to keep in mind is that if you pay your payments late, you will be entitled to pay an interest of 18%, in the third quarter.
- You can make GST payments through either challan every single month, either by self-assessment of monthly liability or 35 percent of net cash liability of previous filed GSTR-3B of that quarter.
- Quarterly GSTR-1 and GSTR-3B can be filed through an SMS too.
- If there are no pending funds to be paid, no deposits are to be paid for that particular month.