Currently GSTR-3B is filed monthly along with payment. The QRMP scheme gives option to eligible taxpayers to continue to pay taxes monthly but file GSTR-3B quarterly
- Scheme is effective from Jan 1, 2021
- It is optional and option selected will remain valid till revised.
- It is available only to taxpayer having turnover of up to 5 crores during previous financial year.
- A person covered under QRMP will not be eligible from the next quarter following the quarter when turnover exceeds 5 crores.
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Although the scheme is optional, the common portal has migrated small tax payers to QRMP scheme. So in case you do not want QRMP scheme, you can opt out of it latest by 31 Jan 2021. Those who have been migrated to QRMP Scheme are
- Registered persons having turnover of more than 1.50 crore and upto 5 Crore during 2019-20
- Registered persons having turnover upto 1.50 Crore during 2019-20 and who have been filing GSTR-1 on quarterly basis. Those filing GSTR-1 on monthly basis have not been migrated to QRMP Scheme
But there may be additional Invoice Filing requirement
The drawback of this scheme from Purchaser’s point of view is that input credit can be taken only after quarterly GSTR-1 has been filed. In case , purchaser insists on taking input credit in first /second month of the quarter, there is a facility provided by the common portal called Invoice Furnishing Facility.
The registered person can upload invoices during first and second month of the quarter. Such invoices will appear in GSTR-2A of the purchaser. However the facility comes with few riders :
- Invoice uploading can be done only between 1 and 13th of the month
- The value of such invoices shall not exceed Rs. 50 Lakhs in a month
- Details of such invoices will not be included on GSTR-1
- Monthly payment will have to be done by Challan GST PMT-06
- Due date is 25th of the succeeding month
- Amount payable can be either a fixed sum or self assessment
Due date for filing of quarterly GSTR-3B is 22nd/ 24th of the month succeeding such quarter, depending on the state/UT
- if you are eligible for QRMP and you have been migrated to such scheme by common portal, take a call if you want to opt for monthly filing or quarterly filing before Jan 31, 2021
2. In case you opt for QRMP Scheme :
- Determine amount payable monthly
- Make payment via challan GST PMT-06 by 25th of succeeding month
- Based on requests by the purchasers, upload invoices by 13th of the succeeding month. Such invoices will not be then uploaded in GSTR-1
- File GSTR-3B on 22nd/ 24th of the month succeeding the quarter
3. Tax Payers do not have an option to file GSTR 3B on monthly basis and GSTR 1 on quarterly basis
Blog written by CA Jigar Shah , Partner of S K Rathi & Co, Chartered Accountants, Mumbai