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TheCBIC introduced QRMP scheme under GST to facilitate small taxpayers whose turnover is less than Rs.5 crores.
The QRMP scheme allows the taxpayers to:
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The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to facilitate small taxpayers whose turnover is less than Rs.5 crores.
The QRMP scheme allows the taxpayers to:
|S.No.||Class of Registered Persons||Deemed Option|
|1.||Registered individuals with an aggregate turnover of up to Rs.1.5 crore, who have furnished Form GSTR-1 quarterly in the current financial year||Quarterly GSTR-3B|
|2.||Registered persons with an aggregate turnover of up to Rs.1.5 crore, who have furnished Form GSTR-1 monthly in the current financial year||Monthly
|3.||Registered persons having an aggregate turnover exceeding Rs.1.5 crore and up to Rs.5 crore in the preceding financial year||Quarterly GSTR-3B|
"The taxpayers referred to in the Sl. No. 2 in the above table can change the default option and opt for quarterly GSTR-3B filing between 5th December 2020 and 31st January 2021."
Fixed Sum Method (FSM):
The taxpayer must pay an amount of tax mentioned in a pre-filled challan in the form GST PMT-06 as follows:
|S.No.||Type of Taxpayer||Tax to be paid|
|1.||Who furnished GSTR-3B quarterly for the last quarter||35% of tax paid in cash in the preceding quarter|
|2.||Who furnished GSTR-3B monthly during the last quarter||100% of tax paid in cash in the last month of the immediately preceding quarter|
Self-assessment Method (SAM):
This is the existing method where a taxpayer can pay the tax liability by considering the tax liability on inward and outward supplies and the input tax credit available.
Tax to be paid = Tax liability on Outward Supplies- Input Tax Credit available**
**Form GSTR-2B may be used to ascertain the amount of ITC available for the month.
It is to be noted that a registered person will not be eligible for the said procedures unless he has furnished the all returns for the tax period preceding such month.
The due dates filing quarterly GSTR-3B has been notified as follows:
|S.No.||GST Registration in States and Union Territories||Due Date|
|1.||Chhattisgarh, Madhya Pradesh, Gujarat, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh||22nd of the month succeeding such quarter|
|2.||Jammu and Kashmir, Ladakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Mizoram, Manipur, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha||24th of the month succeeding such quarter|
The interest will be applicable as follows if the taxpayer opts for Fixed Sum Method (FSM):
|S.No.||Scenario||Interest to be paid|
|1.||Tax liability mentioned in pre-filled form GST PMT-06 is paid by 25th of the following month||Nil|
|2.||Tax liability mentioned in pre-filled form GST PMT-06 is not paid by 25th of the following month||18% of the tax liability (from 26th of the following month till the date of payment)|
|3.||The final tax liability for the first two months is less than or equal to the amount paid through pre-filled form GST PMT-06||Nil|
|4.||The final tax liability for the first two months is higher than the tax amount paid through pre-filled form GST PMT-06, and such excess liability has been paid within quarterly GSTR-3B due date||Nil|
|5.||The final tax liability for the first two months is higher than the tax amount paid through pre-filled form GST PMT-06, and such excess liability has not been paid within quarterly GSTR-3B due date||18% of the tax liability (from GSTR-3B due date* till the date of payment)|
*22nd or 24th of the month succeeding such quarter based on the state of the taxpayer.
The interest will be applicable as follows if the taxpayer opts for Self Assessment Method (SAM):
The taxpayer has to pay interest @ 18% on the net tax liability which remains unpaid or paid beyond the due date for the first two months of the quarter.
It is important to note that the taxpayer has to pay interest @18% if there is any late payment of tax in the third month of a quarter. This is applicable irrespective of Fixed Sum Method (FSM) or Self-ssessment Method (SAM).
The late fee should be paid as follows if the quarterly GSTR-3B is not filed within due date, subject to a maximum late fees of Rs 5,000:
|Name of the Act||Late fee for everyday of delay||Late fee for everyday of delay(in case of ‘Nil’ tax liability)|
However, it is clarified that no late fee is applicable for delay in payment of tax in the first two months of the quarter in form GST PMT-06.