Salient Features of Quarterly Return Filing & Monthly Payment of Taxes (QRMP) Scheme

Dec, 05 2020
Indirect Taxation
By Team GST

Who can opt for the scheme: Following registered person can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 :
- A registered person who is required to file Form GSTR 3B with aggregate turnover (hereinafter AATO) of up to INR 5 Cr. in the previous financial year is eligible to opt in this scheme. If AATO crosses INR 5 Cr. during a quarter, registered person will become ineligible for the scheme from next quarter.
- Any person obtaining a new registration or opting out of Composition Scheme can also opt for this scheme.
- The option to avail this scheme can be availed GSTIN wise. Therefore, few GSTINs for that PAN can opt for the scheme and remaining GSTINs can remain out of the scheme.
Changes on the GST Portal: For the quarter January, 2021 to March, 2021, all registered persons whose AATO for the FY 2019-20 is up to INR 5 Cr. and have furnished the return in Form GSTR-3B for the month of October 2020 by 30 November, 2020, will be migrated by default in the GST system as follows:

Sl. No.

Class of registered persons with AATO of

Default Return Option

Up to INR 1.5 Cr., who have furnished Form GSTR-1 on quarterly basis in current FY

Quarterly

Up to INR 1.5 Cr., who have furnished Form GSTR-1 on monthly basis in current FY

Monthly

More than INR 1.5 Cr. and up to INR 5 Cr. in preceding FY

Quarterly

3. When can a person opt for the scheme:

Facility can be availed throughout the year, in any quarter.
Option for QRMP Scheme, once exercised, will continue till the registered person revises the option or his AATO exceeds INR 5 Cr.
Registered persons migrated by default can choose to remain out of the scheme by exercising their option from 5 December 2020 till 31 January 2021.

4. The registered persons opting for the scheme can avail of the facility of the Invoice Furnishing Facility (IFF), so that the outward supplies to the registered person are reflected in their Form GSTR 2A & 2B.

5. Payment of tax under the scheme:

Registered persons need to pay tax due in each of first two months (by 25th of next month) in the Quarter, by selecting “Monthly payment for quarterly taxpayer” as reason for generating Challan.
Registered persons can either use Fixed Sum Method (pre-filled challan) or Self-Assessment Method (actual tax due), for monthly payment of tax for first two months, after adjusting ITC.
No deposit is required for the month, if there is nil tax liability.
Tax deposited for first 2 months can be used for adjusting liability for the quarter in Form GSTR-3B and can’t be used for any other purpose till the filing of return for the quarter.

Source: https://www.gst.gov.in/newsandupdates/read/417