The QRMP (Quarterly Return Monthly Payment) scheme was introduced by the government of India as an optional scheme for small taxpayers with a turnover of up to Rs. 5 crores. The scheme enables them to file their GSTR-1 and GSTR-3B returns on a quarterly basis while paying their taxes on a monthly basis.
Here are some important points to know about the QRMP scheme:
1. Taxpayers with an annual turnover of up to Rs. 5 crores can opt for the QRMP scheme.
2. Taxpayers opting for the scheme must not have any outstanding tax liability or late fees from the previous months/quarters.
1. Taxpayers under the QRMP scheme are required to pay their taxes on a monthly basis, by the 25th of the following month.
2. Taxpayers can use the fixed sum method to pay their taxes under the scheme, which allows them to pay a fixed percentage of their previous month's tax liability.
1. Taxpayers under the QRMP scheme are required to file their GSTR-1 and GSTR-3B returns on a quarterly basis.
2. The due date for GSTR-1 and GSTR-3B returns under the scheme is the 13th of the month following the end of the quarter.
3. The first quarter for the QRMP scheme is April to June, and the due date for returns is July 13.
1. Late fees for taxpayers under the QRMP scheme are applicable for late filing of GSTR-1 and GSTR-3B returns.
2. The late fees for GSTR-1 is Rs. 200 per day (Rs. 100 for taxpayers with nil returns) and for GSTR-3B is Rs. 50 per day (Rs. 20 for taxpayers with nil returns).
3. Late fees are calculated from the due date of filing till the actual date of filing.
It is important to note that taxpayers who opt for the QRMP scheme must continue with the scheme for the entire financial year. Additionally, taxpayers must keep their books of accounts up to date to ensure timely and accurate tax payments and return filings.
1. Composition scheme: Taxpayers who have opted for the composition scheme are not eligible to opt for the QRMP scheme.
2. E-invoicing: Taxpayers who are required to generate e-invoices under GST are also required to generate e-invoices under the QRMP scheme.
3. Input tax credit (ITC): Taxpayers under the QRMP scheme can claim ITC only when their suppliers have filed their GSTR-1 returns.
4. Payment of taxes: Taxpayers under the QRMP scheme can make tax payments through the GSTN portal, and they can also make payments through authorized banks via internet banking or credit/debit card.
5. Penalties: Taxpayers who fail to file their returns or pay taxes under the QRMP scheme are subject to penalties and interest as per the provisions of the GST Act.
6. Opt-out: Taxpayers who have opted for the QRMP scheme can opt-out of the scheme at any time by giving an intimation through the GST portal.
7. Calculation of tax liability: Taxpayers under the QRMP scheme can use the self-assessment method to calculate their tax liability or use the fixed sum method to pay a fixed percentage of their previous month's tax liability.
8. Other compliance requirements: Taxpayers under the QRMP scheme must comply with other GST-related compliance requirements such as issuing tax invoices, maintaining proper records, and complying with e-way bill requirements.
In conclusion, the QRMP scheme is a beneficial option for small taxpayers as it allows them to file their returns on a quarterly basis, making compliance easier and more manageable. However, it is important to understand the eligibility criteria, tax payment requirements, return filing requirements, and late fees associated with the scheme to avoid any penalties and interest.
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