QRMP scheme
This query is : Resolved
29 January 2021
my business is in proprietorship doing services making around 1crore. what i have to do to for the qrmp scheme? i like to file return monthly.
10 July 2024
If your business is a proprietorship and you are doing services with an annual turnover of around 1 crore, you have the option to opt for the Quarterly Return Monthly Payment (QRMP) scheme under GST. Here’s what you need to do to enroll in the QRMP scheme and file returns monthly:
### Steps to Opt for QRMP Scheme:
1. **Check Eligibility**: Ensure your annual turnover is within the eligible limit. As of now, businesses with an annual turnover up to 5 crore can opt for the QRMP scheme.
2. **Enrollment**:
- Log in to the GST portal using your credentials.
- Navigate to the "Services" > "Returns" > "Opt-in for Quarterly Return Monthly Payment (QRMP)".
3. **Opt-in for QRMP**:
- Select the relevant GSTIN (if you have multiple GSTINs).
- Choose the option to opt-in for QRMP.
4. **Select Monthly Filing**:
- During the QRMP opt-in process, you can choose whether you want to file GSTR-1 monthly or quarterly.
- Select "Monthly" for GSTR-1 filing if you prefer to file monthly returns.
5. **Challan Creation**:
- Under QRMP, you will need to create monthly challans to pay taxes. You can choose between paying 35% of the tax paid in the previous quarter or making self-assessment-based payments.
**File Returns**:
- After opting for QRMP and choosing monthly filing, you will file GSTR-1 monthly by the 11th of the following month.
- GSTR-3B needs to be filed quarterly by the 22nd or 24th of the month following the end of the quarter, depending on your state.
### Important Points to Note:
- **Challan Creation**: Ensure you create and pay monthly challans for taxes due as per the QRMP scheme guidelines.
- **Filing Deadlines**: Continue to meet the deadlines for GSTR-1 and GSTR-3B filings to avoid penalties and maintain compliance.
- **Review and Adapt**: Regularly review your turnover and compliance requirements to ensure QRMP remains suitable for your business needs.
By following these steps and maintaining regular compliance, you can effectively manage your GST filings under the QRMP scheme while opting to file GSTR-1 monthly. If you have specific questions or need further assistance, consulting a GST practitioner or advisor can provide tailored guidance for your business situation.
### Steps to Opt for QRMP Scheme:
1. **Check Eligibility**: Ensure your annual turnover is within the eligible limit. As of now, businesses with an annual turnover up to 5 crore can opt for the QRMP scheme.
2. **Enrollment**:
- Log in to the GST portal using your credentials.
- Navigate to the "Services" > "Returns" > "Opt-in for Quarterly Return Monthly Payment (QRMP)".
3. **Opt-in for QRMP**:
- Select the relevant GSTIN (if you have multiple GSTINs).
- Choose the option to opt-in for QRMP.
4. **Select Monthly Filing**:
- During the QRMP opt-in process, you can choose whether you want to file GSTR-1 monthly or quarterly.
- Select "Monthly" for GSTR-1 filing if you prefer to file monthly returns.
5. **Challan Creation**:
- Under QRMP, you will need to create monthly challans to pay taxes. You can choose between paying 35% of the tax paid in the previous quarter or making self-assessment-based payments.
**File Returns**:
- After opting for QRMP and choosing monthly filing, you will file GSTR-1 monthly by the 11th of the following month.
- GSTR-3B needs to be filed quarterly by the 22nd or 24th of the month following the end of the quarter, depending on your state.
### Important Points to Note:
- **Challan Creation**: Ensure you create and pay monthly challans for taxes due as per the QRMP scheme guidelines.
- **Filing Deadlines**: Continue to meet the deadlines for GSTR-1 and GSTR-3B filings to avoid penalties and maintain compliance.
- **Review and Adapt**: Regularly review your turnover and compliance requirements to ensure QRMP remains suitable for your business needs.
By following these steps and maintaining regular compliance, you can effectively manage your GST filings under the QRMP scheme while opting to file GSTR-1 monthly. If you have specific questions or need further assistance, consulting a GST practitioner or advisor can provide tailored guidance for your business situation.
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