“Streamlining GST: The QRMP Scheme Explained”
Table of Contents
1. Introduction to the QRMP Scheme
The Quarterly Returns with Monthly Payment (QRMP) Scheme is designed to streamline GST compliance for eligible taxpayers, allowing them to submit Form GSTR-1 and Form GSTR-3B returns quarterly while making monthly tax payments through a challan.
2. Eligibility Criteria
To qualify for the QRMP scheme, taxpayers must meet specific eligibility criteria, including an aggregate annual turnover (PAN-based) of up to ₹5 Crore in both the current and preceding financial years. They must also have already submitted their last due Form GSTR-3B return.
3. Conditions to be Fulfilled
Taxpayers opting for the QRMP scheme must fulfill certain pre-conditions, such as being registered as regular taxpayers or opting out of the composition scheme, possessing valid login credentials, and ensuring their annual turnover does not exceed ₹5 Crore for both the current and preceding financial years.
4. Opting for the QRMP Scheme
Taxpayers can choose to opt in or out of the QRMP scheme by accessing the GST portal using their credentials and navigating to Services > Returns > Opt-in for Quarterly Return option.
5. Invoice Furnishing Facility (IFF)
The Invoice Furnishing Facility (IFF) is available to taxpayers enrolled in the QRMP scheme, allowing them to declare outward supplies to registered persons for the first two months of any quarter. This facility operates similarly to Form GSTR-1 and facilitates the filing of B2B invoices, credit notes, debit notes, etc.
6. Methods of Monthly Tax Payments
Under the QRMP scheme, taxpayers have two methods for making monthly tax payments: the Fixed Sum Method or 35% Challan Method, and the Self-Assessment Method.
7. Opt-In and Opt-Out Timelines
Taxpayers can opt in or out of the QRMP scheme during specific timelines for each quarter, ensuring flexibility in their participation.
8. Multiple GSTINs
Taxpayers can choose the QRMP Scheme for specific GSTINs and opt out for others registered under a common PAN, providing tailored compliance options.
9. Conclusion
In summary, the QRMP Scheme simplifies GST compliance by offering quarterly returns and monthly payments. Clear eligibility criteria, pre-conditions, and opt-in/out timelines empower businesses to make informed decisions, while the Invoice Furnishing Facility (IFF) enhances reporting efficiency. Overall, the QRMP Scheme reflects government efforts to create a more taxpayer-friendly GST regime, facilitating smoother tax management for businesses.
