
	Popular Products Virtual Accountant Registration Services GST Return Filing E-Commerce GST Return Filing ITR Filling GST Registration Service GST Aggregate Turnover in GST GST LUT Filing QRMP Scheme GST Registration Cancellation GST Invoicing GST Annual Return Blocked Credits GSTR-3B GST Revocation Assessment Search & Seizure Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Instalment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 Company Secretaries Act, 1980 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply

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:

Must be registered under GST
Must be required to furnish a return in GSTR-3B
Must have an aggregate turnover up to Rs. 5 crores in the preceding financial year .

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:

In case the registered person become ineligible for the quarterly returns, the taxpayer must furnish GSTR-3B on a monthly basis.
In case the registered person has not furnished the previous quarterly returns, he cannot opt for the next return.

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:

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
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 GSTR-3B; in this situation the person can change the default option and opt for quarterly GSTR-3B during a certain time period as per mentioned.
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

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:

The IFF can be used only in the first two months of the quarter.
The last month’s quarter related invoice is to be uploaded in the GSTR-1 return only.
If the invoices have been uploaded in the IFF, there is no requirement to upload in the GSTR-1.
The B2B invoice details of the transactions must be submitted by the taxpayer along with the credit and debit notes of the B2B invoices issues during the related month.
The invoices’ total net value that can be uploaded is restricted to Rs. 50 Lakh per month.
The details submitted in IFF will be shown in the GSTR-2A, GSTR-2B, GSTR-4A or GSTR-6A of the recipients as well, according to the case.
The IFF will be active from 1st January of the mentioned year.

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:

The taxpayer who furnished GSTR-3B quarterly for the last quarter must pay 35% of tax paid in cash in the preceding quarter.
Again, a taxpayer who furnishedGSTR-3B monthly during the last quarter must pay 100% of the tax paid in cash in the last month of the immediately preceding quarter.

Have queries? Talk to an expert

Name

Phone Number

Email