QRMP Scheme Launched For GST Payers With Turnover Up To Rs 5 Crore
Small taxpayers will be allowed to furnish quarterly returns along with monthly payment of tax, with effect from Jan. 1, 2021.
The government has launched the ‘Quarterly Return filing & Monthly Payment’ scheme for small taxpayers under the Goods and Services Tax system.
Taxpayers with an aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by Nov. 30, 2020, are eligible for this scheme.
The GST Council in its meeting held on Oct. 5, had said that registered person having aggregate turnover up to Rs 5 crore may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from Jan. 1, 2021.
With the launch of the QRMP scheme on Dec. 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35% of net cash liability of previous filed GSTR-3B of the quarter. Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.