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Circular No. 143/13/2020 - GST CBEC-20/01/08/2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, dated the 10th November, 2020 To The Principal Chief Commissioners / Chief Commissioners / Princi
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FAQ :
The QRMP Scheme allows eligible registered persons to furnish their GST returns on a quarterly basis while making monthly tax payments. This is a trade facilitation measure introduced to ease the process of doing business.
Registered persons who are required to furnish FORM GSTR-3B and had an aggregate turnover of up to ₹5 crore in the preceding financial year are eligible for the QRMP Scheme.
The QRMP Scheme is effective from 1st January 2021.
A registered person can opt into the scheme on the common portal throughout the year. The option can be exercised from the first day of the second month of the preceding quarter to the last day of the first month of the quarter, provided the last due return has been filed.
Registered persons can opt for either the Fixed Sum Method, where tax is paid at 35% of the previous quarter's tax liability, or the Self-Assessment Method, where tax is paid based on actual liability after considering input tax credit.
The IFF allows registered persons under the QRMP Scheme to upload details of outward supplies to registered persons for the first two months of a quarter, up to a value of ₹50 lakh per month. This facility is optional and helps recipients claim Input Tax Credit (ITC) sooner.
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