Centre Launches QRMP scheme for GST payers

The Central Government has launched ‘Quarterly Return filing & Monthly Payment of Taxes (QRMP)’ scheme for small taxpayers under the GST system. Taxpayers with an aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme. The notifications for the same were issued by the Central Board of Indirect Taxes and Customs (CBIC).

WARRIOR 4.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams | Bilingual | Live Class

About QRMP Scheme:

  • Persons with aggregate turnover up to Rs 5 crore would be allowed to furnish their GSTR-1 and GSTR-3B returns on a quarterly basis, beginning January-March quarter of 2020-21.
    Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.
  • Taxpayers can also make GST payments every month, through challan, with effect from January 1, 2021.
  • This can be done either by self-assessment of monthly liability or 35% of net cash liability of previous filed GSTR-3B of the quarter.
  • Under this, the registered person or a taxpayer will furnish a return for every quarter, under sub-rule (1) of rule 61A of the Central Goods and Services Tax Rules, 2017 and pay the monthly tax under sub-section (7) of section 39 of the same Act.
  • After the above changes, the act is named as the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020.

Important takeaways for all competitive exams:

  • CBIC Chairman: M. Ajit Kumar.
  • CBIC Parent Ministry: Ministry of Finance.

Find More News on Economy Here


Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.


Leave a comment

Your email address will not be published. Required fields are marked *