New GSTR-2B & GSTR-3B Features Under QRMP Scheme Explained

All the assessee whose average turnover is up to Rs 5cr will need to provide an option to file their returns from GSTR-1 statement and from GSTR-3B from 1st Jan 2021 on a quarterly basis. They have a choice to furnish B2B invoice information in the invoice furnishing facility for months 1 and 2 eg: Jan and Feb of the quarter so to pass on the credit, in which the left invoice are needed to be mentioned in the quarterly return from GSTR1 of month 2, e.g., March.

The key features is connected to furnishing the Form GSTR-1 statement and auto-population of liability in Form GSTR-3B towards the assessee beneath QRMP scheme for the quarter Jan-Mar, 2021, are summarised below:

A.) Before furnishing the GSTR-1 form assessee might think the following:

Period

Types of Statement

If in a saved state

If in the submitted state

After filling

Jan & Feb 2021

IFF

Reset to delete the saved records and then this info in from the GST return 1

File IFF before filling from GSTR1

Invoices filed in IFF in Jan and Feb are not required to be entered again in Form GSTR-1. portal will give save stage itself If these are entered again an error at

B.) Liability in Table 3, excluding 3.1 d) from the assessees beneath the QRMP scheme will be auto-populated upon the grounds of IFF field, if exist for Jan and Feb months and quarterly from GSTR-1 for the quarter, upon the inward liability on the account that owns the reverse charge in Table 3.1 GSTR 3B based on the quarter.

Note: Data in the Saved/ Submitted stage in Form GSTR-1 or in IFF will not be auto-populated as Liability, in Table-3 of Form GSTR 3B.

II. Matching Offline Tool

Beneath the QRMP scheme matching offline tool has been updated for the assessee. In the matching tool dashboard page, the choice to select the quarter is given, and buyer enrolled, quarter Apr-Jun, Jun-Sep, Oct-Dec and Jan-Mar have been added to the tax period.

The system creates a GSTR-2B JSON file and is executed for matching the information through the buyer register, by using the updated matching offline tool. The assessee can now navigate services, returns, returns dashboard, choose the fiscal year and return period, search and TAP on the download button on the Auto-drafted ITC statement GSTR-2B tile to download the system-generated from the GSTR-2B JSON file.

New Option in GSTR 2B & 3B Forms Available Under QRMP Policy

The latest specification concerning furnishing the statement or returns through the assessee beneath QRMP scheme is open for Jan-Mar, quarter 2021 and is open for them and is explained below:

Auto-generate GSTR-2B for QRMP Scheme:

From GSTR-2B possesses information of filed IFFS for the month M1 or M2 and filed from GSTR 1 for the month M3.
Form GSTR 2B consists of 2 sections of ITC, that is ITC open and ITC not opened (that is generated from the suppliers' filed IFF) and Form GSTR-1 imports etc. It indeed consists of the tax liability of the assessee ( which is generated from the assessee’s own filed IFF and Form GSTR-1)
The assessee can see and download their system-created quarterly Form GSTR-2B for Jan-March 2021 quarter through tapping on the Auto-drafted ITC statement for the quarter on 14th April 2021, by opting for the last month of the quarter (M3)
The default for GSTR-2B is quarterly. But to see from GSTR 2B of the specific month, the assessee has a choice to opt for the specific month from the view drop-down to see information of that month.
A hyperlink view advisory is one that, on tapping, shows the criteria or cut-off dates recognizing the quarterly GSTR-2B as a pop-up through the information of the supplies from or type that is monthly assessee, Taxpayer in QRMP Scheme, NRTP, ISD, and Import from Overseas/SEZs, and ‘From date’ and ‘To date’ upon the grounds of which Form GSTR-2B is created.

Suggested Read: How to File GSTR 3B

Auto Populations of ITC in GST Return 3B for QRMP Policy

The number of ITC present and ITC to be amended will now be auto-populated in Table 4 of GSTR 3B, towards the QRMP assesse, via a system-generated quarterly report from GSTR-2B.
Upon the GSTR 3B dashboard page, the other button, system-computed GSTR 3B is given through tapping, in which the system-computed Form GSTR-3B can be downloaded inside the PDF form.
The assessee can edit the auto-drafted values according to the records and save the new information.
If the ITC opened is raised by more than 5% or the ITC to be reversed is lowered, then the system will prompt the warning message.

Disclaimer: All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis, and we advise you to cross-verify with professional authorities for a fact check.

FAQS

1. What are the new features available under the Qrmp scheme?

The new features related to filling of statements by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which have been made available to them, are summarised below.

2. When can QRMP taxpayers access GSTR-1A?

QRMP taxpayers can access GSTR-1A after they actually file quarterly GSTR-1 or the due date of quarterly GSTR-1, whichever is later.

3. Is the scheme available to everyone?

No, this scheme is available only to those who are liable to file GSTR1 and GSTR 3B returns.

4. What is the “Quarterly Returns with Monthly Payment (QRMP)” Scheme?

The QRMP scheme is for small taxpayers to file their FORM GSTR-1 and FORM GSTR-3B returns quarterly while paying their tax dues monthly through a simple challan.

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