QRMP SCHEME

                                

QRMP scheme means Quarterly Return Monthly Payment scheme which is an optional scheme and the name itself says that under this scheme you have to make payment of tax monthly but details of tax Return can be filled quarterly.

Any taxpayer whose turnover does not exceeds or is upto ₹ 5 crore has to file their GSTR 1/4 and GSTR 3B on quarterly basis with effect from 01.01.2021.

Monthly payments under QRMP scheme are to be done in FORM GST PMT - 06 by every 25th of the succeding month.

Now let us get to know QRMP scheme more in detail.

• In case the aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year i.e. F.Y. 2020-21, the registered person shall not be eligible for the Scheme from the next quarter.
• As per Rule 61A of the CGST Rules, 2017 A registered person can opt in for any quarter from first day of second month of preceding quarter to the last day of the first month of the quarter. ( In Hindi, kisi b registered person ko QRMP apply karney ka time hai,  pichley quarter ke dusrey mahiney ke pehley din se le ke current quarter ke pehley month ke last day tak.

lets understand it with an example: 

Our Current Quarter is Q1 of 2021-2022 (April,May,June 2021)

Our Previous Quarter will be Q4 of 2020-2021 (January, February, March 2021)

so the time period for applying for QRMP scheme will be 01.02.2021 (1st day of second month of preceding quarter) To 30th April 2021 (last day of the first month of the current quarter.)

• On the day of Exercising the option of QRMP scheme all previous Returns would have been furnished.
• Example: A registered person wants to avail for the QRMP Scheme for the quarter "October  to December" can exercise his option during 1st of August to 31st of October. If the registered person wants to exercise his option on 27th of October for the quarter (October to December), in such case, the registered person must have furnished the return for the month of September which was due on 22/24th pf September.
• If after Applying for QRMP scheme for any quarter the turnover exceeds from 5 crore in any quarter then the registered person will not be eligible for QRMP scheme any more.
• QRMP scheme will be valid only till the turnover remains 5 crore and as soon as it exceeds in any of the quarter then QRMP scheme will not be applied.
• The registered persons whose turnover for FY 2019-20 is up to 5 crore rupees and who have furnished their return in FORM GSTR -3B for the month of October, 2020 by 30th November, 2020, shall be automatically migrated to QRMP on the common portal.
• If they want to change the option of automatically migrated one then they can do it from 5th of December, 2020 to 31st of January, 2021.
• Invoice Furnishing Facility: For each of the first and second months of a quarter, a registered person will have the facility to furnish the details of such outward supplies to a registered person, as he may consider necessary, between 1st to 13th day of succeeding month. Facility is optional. This if done then the bills will be reflected in receipient's GSTR 2A/GSTR 2B and he/she will be enabled to take ITC Easily.
• Payment of Tax monthly in FORM GST PMT- 06 - Payment of tax has to be made for the first two months of the quarter in FORM GST PMT - 06 by two methods.

Fixed Sum Method: 

• An amount equal to 35% of the tax that was paid in cash in previous quarter where the return was furnished Quarterly; And equal amount of tax paid in cash in the last month of previous quarter where return was filled monthly. 
• For Example: If return was filled quarterly for quarter JULY to SEPTEMBER and In September if any tax was paid in cash then 35% of that cash tax paid has to be paid in the first two months of QRMP scheme. And if return was filled Monthly then the tax paid for the last month of the previous quarter will be the amount to be paid as tax for first two months of QRMP scheme.

Self Assessment Method:

• The said person, in any case, can self asses his/her tax as per inward and outward supplies and considering the ITC available in FORM GSTR 2B, then after taking all in considerations if there is any tax to be paid then it is to be paid in FORM GST PMT -06 and if there is nil tax liability then the said person may not deposit any amount for the said month.

Amount of Tax paid Classifications

• The tax paid in cash under QRMP scheme will be available in the credit/cash ledger for setting off while filling GSTR 3B and if any amount is left after setting of the liability then that amount can be claimed as Refund or can be used in next quarter's Setting off liabilities.
• If the payment of tax  as per system calculated amount in FORM GST PMT-06 is not done by due date then interest would be payable at the applicable rate from the due date of furnishing FORM GST PMT-06 till the date of making such payment.
• If the FORM GSTR-3B for the quarter is furnished beyond the due date, interest would be payable as per the provisions of Section 50 of the CGST Act for the tax liability net of ITC.
• No Late Fee is applicable for delay in payment of tax in first two months of the quarter under QRMP scheme.