CBIC has come up with a new scheme for small taxpayers having an impact turnover of up to 5 crores. This scheme will permit small taxpayers to file their returns on a quarterly basis and make their payments on a monthly basis. This scheme has an accurate to ease the tax compliance for the small taxpayers. In this article, we will discuss on Quarterly Returns with Monthly Payment Scheme.
Quarterly Returns with Monthly Payment Scheme
A taxpayer may choose this scheme even anytime if it attains the eligibility criteria. As per Rule 61A Portal will provide an alternative to opt under this scheme from the 1st day of the 2nd Month of Prev. Quarter to the Final day of 1st month of the quarter. Also, the taxpayer necessity not register for this scheme every quarter even unless he wants to opt-out from the scheme or evolves ineligible.
Note: In Order to apply for these on 31st Apr’21 the taxpayer should have filed their GST Return filing for the period before Mar’21 which remains due on 22nd/24th April.
Relevancy and Eligibility
This scheme is acceptable from 1.01.2021 for the registered person having an aggregate turnover of Rs. 5 Cr. Hence once the threshold of 5 Cr is crossed the registered person becomes ineligible for this scheme from the following quarter. Also, have their GST Return filing before applying for this scheme shall be duly accepted with.
Procuring GSTR-1 under QRMP Scheme
The Taxpayer will have a choice to furnish an Invoice up to 50 Lakh per month through an Invoice Furnishing Facility (IFF) between the 1st to 13th of the attaining month So the exact gets indicated in GSTR-2A/2B of the recipient. After 13 the said capability would not be accessible Therefore the taxpayer will be compelled to file GSTR-1 to make available the ITC to the recipient.
Procuring GSTR-3B under QRMP Scheme
Furnishing GSTR-3B on 22nd/24th of attaining month of quarter-end. GSTR- 3B is compulsory even in case of cancellation of GST Registration within 1st two months of the quarter.
Late Fee Liability under the QRMP Scheme
No late fees for uncertainty in tax for the 1st two months. However late fees would be adequate for Quarterly filing Returns (GSTR-1 and GSTR-3B).
Advantages of QRMP Scheme
QRMP Scheme being relief would be by default enabled to the taxpayers based on the past trend i.e. taxpayers having aggregate turnover less than 5 cr. will be enabled these scheme by default except for the taxpayers filing the monthly return).
Further One shall opt-out from the next quarter once it crosses the limit.
In case, you need any kind of guidance related to the GST Return Filing, GST Registration, or any other GST compliance, please feel free to contact our business advisors at 8881-069-069.
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