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).
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.