LAST DATE TO CHANGE FROM QRMP TO MONTHLY GST FILING IS 30TH APRIL 2021
The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs. 5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.
Applicability of QRMP Scheme?
A registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. Further, in case the aggregate turnover exceeds five crore rupees during any quarter in the current financial year, the registered person shall not be eligible for the scheme from the next quarter.
How do taxpayers submit details of outward supplies?
Person opting for the QRMP scheme can use the Invoice Furnishing Facility (IFF) which allows quarterly GSTR-1 filers to upload their invoices every month. One should keep the following points in mind before utilising the IFF:
What is the timeline for exercising option under QRMP scheme?
The taxpayer can change the frequency of return under QRMP scheme as below:
|Quarter||Selection available from|
|Q1 – Apr-Jun||1st Feb 2021 to 30th Apr 2021|
|Q2 – Jul-Sep||
1st May 2021 to 31st Jul 2021
|Q3 – Oct-Dec||
1st Aug 2021 to 31st Oct 2021
|Q4 – Jan-Mar||1st Nov 2021 to 31st Jan 2022|
Steps to change QRMP from Quarterly to monthly
Below is the stepwise process to change QRMP from Quarterly to monthly:
Step 1: Go to https://www.gst.gov.in/ and Login using Login ID and password of GST website
Step 2: Now, Go to Service tab and Select “Opt- in for Quarterly Return” option under “Returns”.
Step 3: Now, Select the Financial Year for which the taxpayer wants to “Opt- in for Quarterly Return” and click on Search button
Step 4: Now, select, “Monthly” under the “Selected Frequency” column and click on “Continue to returns Dashboard”.
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