Know about Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme under GST in Tamil

To reduce the compliance burden and facilitate ease of doing the business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended a ‘Quarterly Return Monthly Payment Scheme’ which is referred as ‘QRMP Scheme’.

Under this scheme, the businesses having aggregate turnover up to five crore rupees in the preceding financial year will be allowed to furnish return on a quarterly basis along with a monthly payment of tax.
Businesses who opt for QRMP scheme are required to pay the tax due in each of the first two months of the quarter. Business needs to deposit the due amount in FORM GST PMT-06, by the 25th of the following month. Businesses are given 2 options – Fixed sum method and Self-Assessment Method to pay the taxes for the first 2 months of the quarter.

Under the fixed sum method, the portal will pre-fill FORM GST PMT-06 for an amount equal to thirty-five per cent of the tax paid in cash in the preceding quarter, where the return was furnished quarterly. In case of a monthly return, an amount equal to the tax paid in cash in the last month will be pre-filled.
o facilitate the reflection of B2B supplies that are made during the first month in GSTR-2A and GSTR-2B and allow the recipients to avail the ITC, ‘Invoice furnishing facility (IFF) is made available. This facility is not mandatory and is only an optional facility.

Using IFF, the businesses can upload details of outward supplies between the 1st day till the 13th day of the succeeding month with a maximum cap of 50 lakhs in each month. You are required to upload only those invoices in IFF that you would want considering the ITC implications of your customer.

Under the self-assessment method, the taxpayer can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available. The businesses are free to avail either of the two-tax payment methods discussed above for the first 2 months of the quarter.

#QRMP#Luxcafe#GST