Goods and Services Tax – GST Dated:- 12-2-2021 – News – Q 1: What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to ₹ 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made in the first two months by a simple challan in FORM GST PMT-06 . For the ease of taxpayers, system has assigned quarterly frequency to small taxpayers automatically. Q 2: Why have I been assigned quarterly filing without opting for the same? A: Taxpayers eligible for the simplified compliance scheme were assigned quarterly frequency by the GST system. All taxpayers were informed regarding the frequency assigned to them by e-mail and SMS. Q 3: Why have I been assigned quarterly frequency by system even when my aggregate turnover on PAN is greater than ₹ 5 crore? A: For the pu
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STR3B was not filed till 30th November 2020, the taxpayer were assigned to monthly frequency. The system allows the taxpayer to opt for QRMP scheme only if the last applicable return in FORM GSTR-3B , whose due date is over, is filed. Illustration : If the taxpayer is trying to opt for QRMP Scheme on 25th Feb 21, from Quarter Apr-Jun 21 onwards then it will be allowed only if the return in form GSTR-3B is filed for the month Jan 21. If the taxpayer is trying to opt for QRMP Scheme on 19th Feb 21, from Quarter Apr-Jun 21 onwards then it will be allowed only if the return in form GSTR-3B is filed for the month Dec 20 Q 5: I want to opt-out of QRMP scheme and become monthly filer. Why the portal is not allowing me to do same for the quarter Jan-Mar, 2021? A: The last date to choose or change the filing frequency for the quarter of January to March 2021 was 31st January, 2021. After 31st January 2021, the filing frequency cannot be changed for the quarter January t
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expire after the due date of 13th of next month, and cannot be filed after this date. Q 7: Is filing IFF mandatorily or optional? A: Invoice Furnishing Facility (IFF) is an optional facility to those taxpayers who want to pass on input tax credit (ITC) to their recipients (buyers/customers) in first two months of a quarter. Those taxpayers who do not have to pass credit to their recipients need not file IFF in the first two months of the quarter. They may declare their outward supplies in the quarterly FORM GSTR-1 . It may be noted that since IFF is an optional facility, IFF for a month will expire after the due date of 13th of next month, and cannot be filed after this date. Q 8: How do I make payment of my liability in first two months of the quarter? A: In first two months of the quarter, payment of liability can be made by either of the following two methods: a. Fixed Sum Method : Portal will generate a pre-filled challan in Form GST PMT-06 . The system genera
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ency in the previous quarter, the 35% challan is calculated by either of the following methods: Method (a) : An amount which is equivalent to the amount paid as tax from electronic cash ledger in their GSTR-3B return for the last month of the immediately preceding quarter, where the GSTR-3B return was furnished on monthly basis. OR Method (b) : 35% of amount paid as tax from electronic cash ledger in their return for the preceding quarter, where the GSTR-3B return was furnished on quarterly basis; or It may be noted that since QRMP scheme is introduced in January 2021, all taxpayers were monthly filers in December 2020. Hence, the 35% challan will be populated as per method (a) for the quarter of January to March 2021 for quarterly filers. Illustration: Method (a) : Taxpayer paid liability by cash amounting to ₹ 5500/- [IGST: ₹ 2,000/-, CGST: ₹ 1,000/-, SGST: ₹ 2,500/-] in monthly GSTR-3B for December 2020. The 35%
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paid by taxpayers in the quarterly GSTR-3B. This will be prepared on the basis of the supplies declared in FORM GSTR-1 for the quarter. It will also contain data from the optional IFF, if any is filed in either of the first two months of the quarter. The said system computed values will also be auto-populated in quarterly GSTR-3B . Q 13: How do I claim ITC for the first two months of the quarter? A: In first two months of the quarter, no declaration pertaining to ITC is required to be made. The available ITC for the entire quarter will be made available by the system in quarterly FORM GSTR-2B. This quarterly facility will be in addition to the FORM GSTR-2B being made available on monthly basis, which can still be used for doing self-assessment. Q 14: How do I again become a Monthly filer? A: Filing frequency either monthly or quarterly can be selected as per timelines mentioned in below table. Kindly navigate : Services Returns Opt-in for Quarterly Retur
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