Categories: Economy

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).

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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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.