Gist of Quarterly Return Monthly Payment Scheme
Table of Contents
The gist of Quarterly Return Monthly Payment Scheme
Change in GST Returns Filing System w.e.f. 1st January 2021
| Existing System | New System from Jan 2021 |
| Monthly filing of GSTR-3B for all taxpayers | Option to file quarterly GSTR-1 and GSTR-3B for taxpayers having aggregate turnover up to 5 Crs. |
| Monthly filing of GSTR-1 for taxpayers having aggregate turnover of more than 1.5 Crs. | Mandatory Monthly filing of GSTR-3B and GSTR-1 for all taxpayers having aggregate turnover of more than 5 Crs. |
| Quarterly filing of GSTR-1 for taxpayers having aggregative turnover up to Rs. 1.5 Crs. | However, tax payment would be monthly for all taxpayers |
| GSTR-3B is monthly and GSTR-1 is either quarterly or monthly | Now, both GSTR-1 and GSTR-3B will either be quarterly or monthly |
The gist of Legal Provisions- QRMP Scheme
The gist of the QRMP Scheme
Eligibility for the Scheme
- Small regular taxpayers having aggregate turnover up to 5 crs. in a preceding financial year,
- The Scheme is not applicable to those who are not required to file GSTR-3B and GSTR-1.
- The Scheme is optional and not mandatory
Related Topic:
Quarterly Return Monthly Payment Scheme (QRMP) – New Facelift
Snapshot of Scheme
- Pay GST for the first two months by 25th of Next month by depositing liability in Cash ledger in PMT-06 at GST Portal either
-on an estimated basis as per formula as notified by the Government or
-on actual basis on a self-assessment basis
- File GSTR-3B on a quarterly basis by 22nd or 24th of next month including payment of GST liability for the third month and adjustments, if any for the first two months
- File GSTR-1 on a quarterly basis by the 13th of next month
Method 1: Monthly Payment under the QRMP Scheme
QRMP Scheme- Invoice Furnishing Facility (IFF)
Why IFF?
The Invoices of the Taxpayers opting for the Scheme shall appear in GSTR-2A and 2B of the recipient after the end of the quarter whereas the monthly recipient will claim ITC in GSTR-3B on a monthly basis, thereby mismatch of ITC in 3B vs. 2A/2B
What is IFF?
- To ensure monthly reflection of ITC in GSTR-2A and 2B of the monthly recipient, a separate optional facility for furnishing B2B invoices/Debit Notes/Credit Notes during the first two months of the Quarter has been provided through Invoice Furnishing Facility (IFF)
- The cumulative value of supplies of such documents cannot exceed INR 50 lacs for each month.
- The IFF shall be available for the first two months of the quarter between 1st to 13th of the succeeding month
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