All you should know about Quarterly Return Filing & Monthly Payment of Taxes (QRMP) Scheme
What is the QRMP scheme?
The QRMP scheme aims to reduce the compliance burden on small taxpayers by simplifying the return filing process and providing them with greater flexibility in managing their cash flows. It is voluntary, and taxpayers can opt-out of the scheme if they wish to file their GST returns monthly.
Why is the QRMP scheme important?
Criteria for the QRMP scheme
- The taxpayer must be registered under the Goods and Services Tax (GST) Act.
- The taxpayer must have a turnover of up to Rs. 5 crores in the previous financial year.
- The taxpayer must not have any outstanding tax liabilities.
- The taxpayer must not have any pending GST returns for the previous tax periods.
- The taxpayer must have a valid and active GSTIN (GST Identification Number).
When to avail the QRMP scheme and submit returns
- For the January to March quarter: the due date for filing the quarterly return (GSTR-1 and GSTR-3B) is April 30th of the next financial year.
- For the April to June quarter: the due date for filing the quarterly return (GSTR-1 and GSTR-3B) is July 31st of the same financial year.
- For the July to September quarter: the due date for filing the quarterly return (GSTR-1 and GSTR-3B) is October 31st of the same financial year.
- For the October to December quarter: the due date for filing the quarterly return (GSTR-1 and GSTR-3B) is January 31st of the next financial year.
How to avail the QRMP scheme
- Login to the GST portal using their registered credentials.
- Navigate to the 'Services' section and click on the 'Opt-in for Quarterly Return' option.
- Choose the relevant financial year for which the taxpayer wishes to opt for the QRMP scheme.
- Review the details and confirm the opt-in for the QRMP scheme.
- Once the opt-in is confirmed, the taxpayer will be able to file their GST returns quarterly while making monthly payments towards their tax liability. It is important to note that taxpayers can opt for the QRMP scheme at the beginning of each quarter. Also, once a taxpayer has opted for the QRMP scheme, they cannot switch back to the regular monthly return filing scheme until the end of the financial year.
Payment of taxes under the QRMP scheme
- Log in to the GST portal using the registered credentials.
- Click on the 'Services' tab and select the 'Payments' option.
- Select the 'Create Challan' option to initiate the payment process.
- Enter the amount of tax liability to be paid for that month and select the mode of payment.
- Once the payment is made, a Challan Identification Number (CIN) will be generated, which should be kept as proof of payment.
Debalina Deb Roy
Experienced blog writer with a passion for storytelling and a knack for engaging readers. Adept at researching and creating captivating content across various topics, with a focus on providing valuable insights and a unique perspective. Proven track record of delivering high-quality articles that resonate with audiences.
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