Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

2
1. What is the applicability date of the Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme?
  • The QRMP Scheme is applicable from 01-01-2021.
2. Who can opt for QRMP Scheme?
  • A Registered Person who is required to file Form GSTR 3B with Aggregate Annual Turnover of up to Rs 5 Cr. in the previous financial year is eligible.
  • If Aggregate Annual Turnover crosses Rs 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 the Composition Scheme can also opt for this Scheme.
3. Whether the Scheme is PAN-based or GSTN based?
  • The option to avail this Scheme can be availed GSTIN wise.
  • Therefore, few GSTINs for that PAN can opt for the Scheme, and the remaining GSTINs can remain out of the Scheme.
4. How will the Transition to the New QRMP Scheme take place from the Existing Monthly Return Filing Regime?
  • For the first quarter January 2021 to March 2021, all Registered persons whose Aggregate Annual Turnover for the FY 2019-20 is up to Rs 5 Cr. and have furnished the return in Form GSTR-3B for the month of October 2020 by 30th November 2020, will be migrated by default in the GST system as follows:

    Sl. No.

    Class of RPs with AATO of

    Default Return Option

    1

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

    Quarterly

    2

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

    Monthly

    3

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

    Quarterly


5.When Can a person Opt for the Scheme?
  • The facility can be availed throughout the year, in any quarter.
  • Option for QRMP Scheme, once exercised, will continue till Registered Person revises the option or his Aggregate Annual Turnover exceeds Rs 5 Cr
  • Registered Persons migrated by default can choose to remain out of the scheme by exercising their option till 31st Jan., 2021.
6. The Registered Persons opting for the scheme can avail the facility of the Invoice Furnishing Facility (IFF), so that the outward supplies to the registered person is reflected in their Form GSTR 2A & 2B.

7. Payment of tax under this scheme?
  • Registered Persons need to pay the tax due in each of the first two months (by 25th of next month) in the Quarter, by selecting “Monthly payment for the quarterly taxpayer” as a reason for generating Challan.
  • Registered Persons can either use the Fixed Sum Method (pre-filled challan) or the Self-Assessment Method (actual tax due), for the monthly payment of tax for the first two months, after adjusting ITC.
  • No deposit is required for the month if there is a nil tax liability.
  • Tax deposited for the first 02 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.
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