New Features of Form GSTR-2B GSTR-3B under QRMP Scheme

Small and Medium Businesses (SMBs) and start-ups in India have been grappling with various GST-related issues since its implementation in 2017. In an effort to simplify the tax compliance process for these businesses, the government has introduced the QRMP (Quarterly Return filing and Monthly Payment of Taxes) scheme. Under this scheme, businesses with a turnover of up to Rs. 5 crores can file their GST returns and pay taxes on a quarterly basis. This has come as a big relief for SMBs and start-ups, as they now have more time and flexibility to manage their finances.

New Features of Form GSTR-2B GSTR-3B under QRMP Scheme

The government has recently introduced some new features in Form GSTR-2B and GSTR-3B, which are applicable to businesses under the QRMP scheme. These features aim to further simplify the GST filing process for SMBs and start-ups. Let’s take a look at these new features:

Form GSTR-2B

Form GSTR-2B is a document that contains details of inward supplies or purchases made by a registered taxpayer. This document is auto-populated and made available to the taxpayer on a monthly basis. The new features introduced in Form GSTR-2B under the QRMP scheme are:

Viewing of monthly supplies: Earlier, taxpayers could only view consolidated supplies for a quarter in Form GSTR-2B. However, under the QRMP scheme, taxpayers can now view monthly supplies as well. This will help businesses keep track of their purchases on a monthly basis and manage their finances accordingly.
Details of import of goods: Details of import of goods will now be available in Form GSTR-2B. This will help businesses reconcile their import details and claim Input Tax Credit (ITC) if any.
Details of zero-rated supplies: Details of zero-rated supplies made to Special Economic Zones (SEZs) will now be available in Form GSTR-2B. This will help businesses claim refund of unutilised input tax credit (ITC) on such supplies.

Form GSTR-3B

Form GSTR-3B is a monthly return that needs to be filed by all registered taxpayers. The new features introduced in Form GSTR-3B under the QRMP scheme are:

Option to pay tax on a monthly basis: Taxpayers under the QRMP scheme can now pay tax on a monthly basis if they wish to. This means that they can make payments towards their tax liability every month, instead of waiting for the end of the quarter.
Option to avail input tax credit: Taxpayers can now avail input tax credit (ITC) on a monthly basis, even if they file their returns on a quarterly basis.

Conclusion

The introduction of the QRMP scheme and the new features in Form GSTR-2B and GSTR-3B have come as a big relief for SMBs and start-ups in India. These businesses can now file their GST returns and pay taxes on a quarterly basis, which gives them more time and flexibility to manage their finances. The new features in Form GSTR-2B and GSTR-3B under the QRMP scheme further simplify the GST filing process and make it easier for businesses to comply with the regulations. It is a step in the right direction towards a more business-friendly tax system in India.