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GST – QRMP Scheme (Quarterly Return Monthly Payment)

GST – QRMP Scheme (Quarterly Return Monthly Payment)



Introduction

  1. Quarterly Return Monthly Payment is an optional scheme, it is implemented from 1st January 2021.

  2. In This scheme Taxpayer is required to file GSTR-3B Return Quarterly instead of filing Monthly GSTR-3B Return.

Applicability

  1. This scheme is applicable for the Taxpayer having turnover up to 5 Crores in preceding Financial year.

  2. Definition of Turnover is Aggregate turnover of Preceding FY Pan Wise, However, Taxpayers can exercise this option GSTN wise.

Opt-In Time Limit for Exercising QRMP Option:

  1. Taxpayer can opt into the scheme throughout the year.

  2. Taxpayer can exercise QRMP Option from 1st Day of 2nd month of Preceding Quarter till last date of 1st month of Quarter.

Period

Last Date for Exercise

April to June Quarter

1st Feb to 30th April

July to September Quarter

1st May to 31st July

October to December Quarter

1st August to 31st October

January to March Quarter

1st November to 31st Jan


Payment of Taxes

  1. Taxpayer shall the paid tax due in 1st two months of the quarter by 25th of the Next month of the quarter.

For E.g. In April to June Quarter, the Taxpayer shall pay the tax due in April month by 25th May and Tax Due in May by 25th June.

  1. Taxpayer shall pay tax using PMT-06 from in 1st two months of the quarter before the 25th of the following month of the quarter. The taxpayer shall select “Monthly payment for the quarterly taxpayer” at the time of generating challan.

  2. There are two methods that taxpayers can use for Making Payment and Determining liability after adjusting ITC.

  3. Fixed Sum Method

  4. Self-Assessment Method

  5. However, Tax Deposited in 1st Two months can be used only for making payment of liability at the time of filing GSTR-3B of the quarter and can not be used for any other purpose till the GSTR-3B filed for the quarter.

Fixed Sum Method In the Fixed sum Method following amount is required to be paid based on the Quarterly Monthly filing of return. (It is available in Pre-filled challan)

If Taxpayer filing GSTR3B Monthly

1st Feb to 30th April

July to September Quarter

100% of Tax paid in cash in Preceding Month

If Taxpayer filing GSTR3B Quarterly

35% of Tax Paid in cash in preceding Quarter


Self-Assessment Method In this Taxpayer needs to calculated liability manually and pay the tax.

Tax Liability on Onward Supplies+ Tax on Reverse Charge supply- Eligible Input

Tax Credit = Tax Liability


Opt-Out

  1. Taxpayer can opt out from the scheme after crossing turnover of ₹5 Crore.

  2. Taxpayer can opt out from QRMP Option from 1st Day of 2nd month of Preceding Quarter till last date of 1st month of Quarter.

 
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