Quick Summary
1. All taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis. 2. Persons availing QRMP Scheme are required to pay tax due, in each of the three months of the quarter, by depositing the due amount as discussed below. 3. Payment of Tax for first two months of a quarter (M1 M2 ie for January and February month for Jan-March Quarter): a. While genera
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FAQ :
Taxpayers with an aggregate turnover of up to Rs 5 crore are eligible for the QRMP Scheme, effective from January 1st, 2021.
For the first two months (M1 & M2), taxpayers can choose between the 35% fixed sum method, which pre-fills a challan based on previous payments, or the self-assessment method, where you calculate your tax liability on supplies and available input tax credit.
For the third month (M3), you must create a challan on the GSTN portal by clicking 'Create Challan' in Payment Table 6 of Form GSTR-3B and deposit the full tax liability.
When generating a challan for the first two months of a quarter, you must select 'Monthly payment for quarterly taxpayer'.
No, these options are not available for the payment of tax for the third month (M3) of the quarter for taxpayers under the QRMP Scheme.
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