QRMP Scheme 2024 for GST Taxpayers – Quarterly Return Filing & Monthly Payment of Taxes

Check complete details of QRMP Scheme 2024 for GST Taxpayers, 9.4 million tax payers with turnover upto Rs. 5 crore covered in Quarterly Return Filing & Monthly Payment of Taxes Scheme, complete details here
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Central Govt has launched QRMP scheme 2024 for GST Taxpayers. QRMP stands for Quarterly Return Filing & Monthly Payment of Taxes. From 1 January, people have to file only 4 GSTR-3B returns instead of 12. As per the Department of revenue (DoR) sources, it is expected that the scheme would impact 9.4 million taxpayers. These number of tax payers constitute approx. 92% of the total tax base of the Goods and Services Tax (GST).

QRMP Scheme 2024 for GST Taxpayers

QRMP Scheme for GST Taxpayers comes in a bid to ease the return filing experience of Goods and Service Tax (GST) taxpayers. Quarterly Return Filing and Monthly Payment of Taxes Scheme has come into effect from 1 January 2021. Around 9.4 million taxpayers (92% of the total tax base of GST) having an annual aggregate turnover (AATO) of up to Rs. 5 crore are covered in this scheme.

Returns in Quarterly Return Monthly Payment Scheme 2024

With the introduction of the QRMP scheme, small taxpayers would need to file only 8 returns. It includes 4 GSTR-3B (existing 12 GSTR-3B) and 4 GSTR-1 (existing 4 GSTR-1) returns. These 8 returns are far simpler than existing requirement of 16 returns in a financial year. The new scheme would also significantly reduce taxpayers professional expenses on return filing. This is because the GST taxpayers would have to file just half the number of returns as against the current requirement of 16.

Portal for Quarterly Return Filing & Monthly Payment of Taxes Scheme

The QRMP scheme is available on the common GST portal https://www.gst.gov.in/ with the facility to opt-in and opt-out and opt-in again, as per a taxpayer’s wishes. The Quarterly Return Monthly Payment Scheme has brought in the concept of providing input tax credit (ITC) only on reported invoices. This QRMP Scheme for GST Taxpayers will put a curb on the menace of fake invoice frauds.

Features of QRMP Scheme 2024 for GST Tax Payers

QRMP scheme has the optional feature of Invoice Filing Facility. The new IFF feature will mitigate the business-related hardships of the small and medium taxpayers. Under the IFF, taxpayers who opt to file their returns quarterly would be able to upload and file such invoices even in the first and second month of the quarter for which there is a demand from the recipients.

The taxpayers won’t need to upload and file all the invoices of the month. Only those invoices, which are required to be filed in IFF as per the recipients’ demands, are to be uploaded. The remaining invoices of the first and second months can be uploaded in the quarterly GSTR-1 return.

The QRMP scheme is based on the existing return system with suitable modifications in a bid to give much-needed flexibility to the small and medium enterprises with regards to GST compliance. It was approved in principle by the GST Council in its 42nd meeting on 5 October 2020.

Frequently Asked Questions about QRMP Scheme

What is QRMP scheme and what are its benefits

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 Rs. 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.

Why have I been assigned quarterly filing without opting for the same

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.

Why have I been assigned quarterly frequency by system even when my aggregate turnover on PAN is greater than Rs. 5 crore

For the purpose of determining the eligibility for QRMP, the turnover was determined on the basis of the values declared by taxpayers in Table-3.1 of GSTR-3B (except inward supplies attracting reverse charge) for the Financial Year 2019-20. If a component of the turnover, like exempted or non-GST turnover, was not declared by a taxpayer in GSTR-3B or was declared in next financial year, then the turnover computed by the system for such taxpayers could be less than Rs. 5 crore. Such taxpayers may have been assigned to QRMP on the basis of values declared by them in GSTR-3B. Such taxpayers are advised to opt-out of scheme for quarter Apr-Jun’21 by 30th April 2021.

Why have I been assigned monthly frequency by system even when my aggregate turnover on PAN is upto Rs. 5 crore

At the time of assigning the frequency by the system, system considered the aggregate turnover of the taxpayer and the filing status of FORM GSTR-3B for the month of October 2020. If the said GSTR3B 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.

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

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 to March 2021. However, for the quarter of April to June 2021, taxpayers may change their filing frequency from quarterly to monthly from 1st February, 2021 to 30th April, 2021. It may be noted that profile selection is not a recurring requirement every quarter. Once a frequency has been opted for, it is applicable for all future periods unless changed further.

For more details, visit the official website at https://www.gst.gov.in/

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