QRMP Scheme

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

What is QRMP

Earlier, some of the small taxpayers have option to file GSTR 1 quarterly but payment in 3B were monthly for all. But under QRMP, both the return GSTR1 and GSTR 3B have been made quarterly and a separate form has been introduced for paying monthly GST in advance for 1st 2 months of a quarter.

Who can opt for the scheme: Following registered person (hereinafter referred as RP) can file quarterly returns and pay tax on a monthly basis w.e.f. 01.01.2021 : ie 1st return under QRMP will be filled from 1st Feb onwards.

An RP who is required to file Form GSTR 3B with Aggregate annual turnover(AATO) of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qtr., RP 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.

Automatic opt in for QRMP

1. Quarterly GSTR 1 Fillers having turnover less than 1.5 crore:- Quarterly 3B

2. Taxpayers with turnover up to 5 crore:- Quarterly 3B

3. Monthly GSTR 1 Fillers even if turnover up to 1.5 crore: - Monthly 3B and Monthly GSTR 1

Ie The taxpayers who were filling GSTR 1 monthly will have to opt for QRMP manually, otherwise they will have to file GSTR 1 and GSTR 3B monthly.

Time limit to opt in for QRMP

If a taxpayer wishes to file quarterly returns for the quarter of Jan-Mar 2021, he should opt for quarterly filing on the common GST portal between 1st November 2020 and 31st January 2021.

The facility can be availed throughout the year, in any quarter. Option for QRMP Scheme, once exercised, will continue till RP revises the option or his AATO exceeds Rs 5 Cr.

IFF (Invoice Furnishing Facility)

The GST return system will follow a modified timeline from 1st Jan 2021 onwards.

For Big taxpayers and taxpayers opting for monthly compliance

1. Supply Made > Generate E-invoice > Auto e-way bill generation

2. Monthly GSTR 1 > Importing all E-invoices automatically > Declare B2C

3. Monthly GSTR 3B > Auto ITC > Auto amount filled > Pay tax

For small taxpayers who opt in for QRMP

1. Supply made > E-way bill

2. 1st Month of Quarter > Use IFF and furnish B2B invoices, notes > Pay tax using PMT-06

3. 2nd Month of Quarter > Use IFF and furnish B2B invoices, notes > Pay tax using PMT-06

4. 3rd Month of Quarter > Upload remaining B2B invoices, notes, all B2C invoices, All HSN

5. 3rd Month of Quarter > File GSTR 3B and pay the remaining taxes

Payment of tax under the scheme:

RPs need to pay the tax due in each of the first two months (by 25th of next month) in the Qtr, by selecting “Monthly payment for the quarterly taxpayer” as a reason for generating Challan.

Fixed Sum Method (pre-filled challan): Interest shall not be levied for paying less

Quarterly GSTR 3B fillers :- 35% of tax paid in cash in preceding quarter

Monthly GSTR 3B fillers :- 100% of tax paid in cash in preceding month

Self-Assessment Method (actual tax due)

Calculate manually the amount required to be paid and pay the taxes. But, if amount paid is less than the amount required to be paid than, interest @18% from 26th of the month to date of payment shall be payable when filling for the last month of the quarter.

There is no late fees for delay in paying through GST PMT 06 for 1st 2 months of a Quarter. But, the late fees for delay in filling GSTR 3B shall be as it was earlier.

Due dates for filing quarterly GSTR 3B

Southern part of India : 22nd of the month succeeding the end of quarter

Northern part of India : 24th of the month succeeding the end of quarter

Tally users

If tally users really wanted to pass on the tax credit using IFF and QRMP during 1st 2 months of a quarter, then this scheme will be more hectic compliance burden for them. As it will involve multiple manual calculations considering the present features in tally prime. Steps to use are as follows:-

1. For 1st 2 months of a quarter

   1. Export GSTR 1 for a month in CSV format

   2. Upload B2B invoices and notes table in offline utility of GSTR 1

   3. Generate JSON

   4. Upload on the portal in IFF

2. For last month of the quarter

   1. Repeat the steps of 1 above for last months

   2. Upload all B2C tables, HSN, doc summary for the full quarter

   3. Pay taxes in GSTR 3B