The Government 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. Under the QRMP scheme the taxpayers have to file GSTR-3B on a quarterly basis and pay tax every month.
This scheme is optional and can be availed on the basis of GSTIN.
The taxpayer has to deposit tax using form GST PMT-06 by the 25th of the following month, for the first and second months of the quarter. The taxpayers can pay their monthly tax liability either in the Fixed Sum Method (FSM) also known as 35% challan method, or Self Assessment Method (SAM).
|S No||Type of Taxpayer||Tax to be paid|
|1||Who furnished GSTR-3B quarterly for the last quarter||35% of tax paid in cash in the preceding quarter|
|2||Who furnished GSTR-3B monthly during the last quarter||100% of tax paid in cash in the last month of the immediately preceding quarter|
2.Open the GSTR-1 Return for the relevant period from GSTZen’s Quick Action menu.
3.There will be an option to file under QRMP there, change it to yes. Based on the month in the quarter, GSTZen will automatically determine whether IFF or GSTR 1 needs to be filed based on the month of the quarter.
Supplies made to unregistered persons (also called B2C supplies) are not required to be declared in IFF. These may be declared in FORM GSTR-1 for the quarter.
For the first quarter of the scheme i.e., for the quarter January 2021 to March, 2021, all the registered persons, whose aggregate turnover for the FY 2019-20 is up to 5 crore rupees have been auto migrated to QRMP Scheme. Only those businesses who have furnished the return in FORM GSTR-3B for October 2020 by 30th November, 2020, have been auto-selected.
Since the window for opting out of QRMP scheme has been closed, a registered person will not be allowed to make changes for the January-March’21 quarter.
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.
In first two months of the quarter, no declaration for ITC is required to be made. The available ITC for the entire quarter will be declared in quarterly FORM GSTR-2B. The quarterly GSTR 2B will be in addition to the to the monthly GSTR 2B, which can still be used for doing self-assessment.
If you have not filed IFF for the first 2 months of the Quarter, you have to report the data for the Quarter in the quarterly GSTR 1.
Note: When filing through GSTZen in such case, enter the record date for the B2B invoices as the last month of the quarter. Record date for B2C invoices is not required.
Example: An invoice dated 21 Jan 2021 has to be reported in the quarterly GSTR 1 under QRMP. The record date should belong to March 2021(Can be any date in the month).
No, IFF cannot be filed after 13th of the following month. If you have failed to file IFF, you will have to report the data in the quarterly GSTR 1.