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Salient features of Quarterly Return filing Monthly Payment of Taxes (QRMP) Scheme Sl. No. Class of RPs with AATO of Default Return Option 1 Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on quarterly basis in current FY Qtrly 2 Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on monthly basis in current FY Monthly 3
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FAQ :
Registered persons with an aggregate annual turnover (AATO) of up to Rs 5 crore in the previous financial year are eligible. New registrations and those opting out of the Composition Scheme can also avail this facility. If AATO exceeds Rs 5 crore during a quarter, the person becomes ineligible from the next quarter.
For the quarter January 2021 to March 2021, registered persons with an AATO up to Rs 5 crore for FY 2019-20, who filed their GSTR-3B for October 2020 by the due date, will be migrated to the scheme by default.
The option can be availed throughout the year, in any quarter. Registered persons migrated by default can choose to remain out of the scheme by exercising their option between 5th December 2020 and 31st January 2021. Once exercised, the option continues until revised or AATO exceeds Rs 5 crore.
Registered persons opting for the QRMP Scheme can avail the Invoice Furnishing Facility (IFF). This ensures that their outward supplies to registered persons are reflected in their Form GSTR 2A & 2B.
Tax due in the first two months of a quarter must be paid monthly by the 25th of the following month, selecting 'Monthly payment for quarterly taxpayer'. Taxpayers can use either the Fixed Sum Method or the Self-Assessment Method, adjusting Input Tax Credit (ITC). No deposit is needed if tax liability is nil.
No, tax deposited for the first two months of a quarter can only be used for adjusting the liability in the quarterly Form GSTR-3B and cannot be used for any other purpose until the return for the quarter is filed.
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