GST Quarterly Filing under QRMP
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GST Quarterly Filing under QRMP
QRMP (Quarterly Return Monthly Payment) Schemewas introduced to reduce the burden of GST returns on taxpayers. It is an optional scheme for businesses having aggregate turnover up to INR 5 Cr to file GSTR-3B and GSTR-1 on a quarterly basis along with monthly payment of tax.
The taxpayers who opt for the QRMP scheme can use the Invoice Furnishing Facility (IFF) which allows quarterly GSTR-1 filers to upload their invoices every month.
The IFF can be utilized only for the first two months of a quarter. The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only. There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF.
Process of GST Return Filing under QRMP
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You can get expert advice on GST Quarterly Return filing.
Documents submission & verification
Once you submit the documents required, our experts will do the paperwork.
Filing Documents
We will file the documents with the concerned authority.
Completion of work
Once your work is done, we will send you the documents back.
Types of GST Returns under QRMP
- GSTR-1
It consists of details of outward supplies of goods and services. The due date for filing this is 13th of the subsequent month of quarter end.
- GSTR-3B
It is a simple return in which the summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by the taxpayer. The due date for filing this is 22nd OR 24th*of the subsequent month of quarter end.
NOTE: 22nd or 24th based on the state of the taxpayer.
Who can opt for QRMP scheme?
- Registered person who is required to file Form GSTR-3B with annual aggregated turnover up to INR 5cr in the preceding FY. Therefore if turnover in the previous year exceeds INR 5cr then you cannot opt for QRMP.
- Any person obtaining a new GST Registration or opting out of the composition scheme.
Packages
Basic
What's included
- Quarterly GSTR-3B Filing
- Quarterly GSTR-1 Filing
- Monthly Tax Payment Calculation
Basic
What's included
- GSTR-1 Filing (For a period of 1 Year)
- GSTR-3B Filing (For a period of 1 Year)
- Expert Consultancy
Basic
What's included
- GSTR-1 Filing (For a period of 1 Year)
- GSTR-3B Filing (For a period of 1 Year)
- Annual Accounting
- Financial Statement Preparation
- Income Tax Return
- Expert Consultancy
Frequently asked questions
What is GST return?
GST return is a document containing details of income which a taxpayer is required to file with the GST authorities. This helps tax authorities calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
- Purchases,
- Sales,
- Output GST (i.e. GST on sales),
- Input tax credit (GST paid on purchases).
To file GST returns, only those sales and purchase invoices, that are GST compliant, are required.
What is Quarterly Returns with Monthly Payment (QRMP) Scheme?
Quarterly Returns with Monthly Payment (QRMP) Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their tax dues on monthly basis through a challan.
Who all are eligible for the QRMP Scheme?
Registered person who is required to file Form GSTR-3B with annual aggregated turnover up to INR 5cr in the preceding FY. Therefore if turnover in the previous year exceeds INR 5cr then you cannot opt for QRMP.
Is the QRMP Scheme available to all the taxpayers?
No, the QRMP scheme is not available to every taxpayer. The QRMP scheme can be availed only by those taxpayers who are liable to file Form GSTR-1 and Form GSTR-3B returns and can be opted by:
- Registered taxpayer (Normal taxpayer, SEZ Developer, SEZ unit)
- Taxpayers who have opted out of composition scheme
- Persons applying for a fresh registration as Normal taxpayer
Note: The scheme is not available for taxpayers whose Annual aggregate turnover (AATO) is more than ₹ 5 Crores.
What is IFF?
IFF i.e. Invoice Furnishing Facility is for taxpayers who have opted for QRMP scheme to declare outward supplies to a registered person for first two months of any quarter. It is an optional facility. The facility will be similar to Form GSTR-1. It allows filing for only B2B invoices, credit notes, debit notes etc. Last date of filing IFF for a month is the 13th of the next month. This will allow recipient taxpayers to take credit of these invoices in the same month, if reported in IFF, by the supplier taxpayer under QRMP scheme.
What is the due date of GST Returns under QRMP Scheme?
GSTR-1: 13th of the subsequent month of quarter end
GSTR-3B: 22nd OR 24th of the subsequent month of quarter end
NOTE: 22nd or 24th based on the state of the taxpayer
From where can I opt in or opt out of the QRMP Scheme?
Login to the GST portal using your valid credentials and then navigate to Services > Returns > Opt-in for Quarterly Return option to opt in or opt out of the QRMP scheme.
If I am filing GSTR-1 at quarterly frequency & GSTR-3B at monthly frequency, will I be able to opt out of the QRMP Scheme?
Please make sure that from the quarter January – March 2021 onwards, you will be assigned to QRMP scheme by the GST System. You can choose to opt out from the QRMP scheme and if so, you would need to file both Form GSTR-1 and Form GSTR-3B on Monthly frequency.
However, you may continue to remain in the QRMP scheme and file both Form GSTR-1 and Form GSTR-3B at quarterly frequency.
If I have multiple GSTINs on the same PAN in same/different states, can I opt in for some specific GSTINs only?
Yes, you may opt for the QRMP Scheme for certain GSTINs and remain out of the scheme for remaining GSTINs, registered on a common PAN.