QRMP TAX PAYMENT

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Accountant
66 Points Posted on 17 January 2021
We are the Manufactures. we are buying material in 18% GST & selling in 5%. so our Tax Liability will be adjusted in ITC. Now my doubt is can we do the same in QRMP also ?
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On 17 January 2021 at 10:10 Report
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This discussion clarifies whether manufacturers operating under the QRMP scheme can adjust their Input Tax Credit (ITC) against their tax liability, particularly when buying materials at 18% GST and selling at 5%. The consensus is that this adjustment is possible using the Self Assessment Method within the QRMP scheme, with payments made via GST PMT-06.

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Chartered Accountant
24588 Points Posted on 17 January 2021
You can use such adjustments in ITC in QRMP scheme by using Self Assessment Method by assessing the tax and payment made in GST PMT 06
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On 17 January 2021 at 12:14
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Accountant
66 Points Posted on 17 January 2021
Ok Thank you
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On 17 January 2021 at 12:28
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Chartered Accountant
24588 Points Posted on 17 January 2021
Ur welcome
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On 17 January 2021 at 14:44
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CA
1258 Points Posted on 22 January 2021

Yes such ITC can be adjusted using the self-assessment method in QRMP Scheme

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On 22 January 2021 at 19:01
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Accountant
66 Points Posted on 22 January 2021
Thank you
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On 22 January 2021 at 23:17

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