QRMP Scheme under GST

The CBIC or the Central Board of Indirect Taxes & Customs introduced the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) 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.

Who is eligible for the QRMP Scheme?

A person that is eligible for the QRMP Scheme:

If the aggregate turnover exceeds Rs. 5 crores during any quarter of the particular financial year, then the person will no longer be eligible for the QRMP Scheme from the next quarter.

Exercising option for QRMP Scheme

A registered person intending to file his or her 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 the option is exercised.

After opting for the quarterly scheme, the registered person must continue to furnish his returns for every quarter for all the tax periods in the future, except:

Monthly or Quarterly filing of GSTR-3B

For certain people falling under the specific categories mentioned below, it shall be deemed that they have opted for monthly or quarterly filing.

The categories are:

Submission of details for outward supplies

The taxpayers who opt for the QRMP scheme can use the Invoice Furnishing Facility (IFF) which allows quarterly GSTR-1 filers to submit their invoices every month. Before using IFF, one should:

Making Monthly Tax Payments under the QRMP Scheme

The taxpayer must deposit tax using form GST PMT-06 by the 25th of the related month, for the first and second months of the quarter. The taxpayers can either pay their monthly tax liability either in the Fixed Sum Method (FSM), also popular as 35% challan procedure, or by the Assessment Method (SAM).

According to the Fixed Sum Challan Method or FSM, the taxpayer must pay an amount of tax mentioned in a pre-filled challan in the form GST PMT-06 for an amount equal to 35% of the tax paid in cash.

According to the categories: