Quarterly Return Monthly Payment Scheme
Quarterly Return Monthly Payment Scheme
Taxpayers with annual turnover upto 31.5 Crore and filing GSTR-1 on monthly basis presently have not been migrated to QRMP scheme. They can opt in for this scheme and avail the following benefits of this scheme:
File your GST returns Just once a quarter w.e.f. 1st January, 2021
Taxpayers with annual turnover upto 31.5 Crore and filing GSTR-1 on monthly basis presently have not been migrated to QRMP scheme. They can opt in for this scheme and avail the following benefits of this scheme:
- File GST Statements/Returns In FORM GSTR-1 & GSTR-3B just once in a Quarter
- Pay monthly tax conveniently using Fixed Sum Method (Pre-filled Challan) or Self-Assessment Method (actual tax due after adjusting ITC) in first two months of a Quarter
- Easily opt in and opt out of the Scheme
- The choice to opt in and opt out of the scheme can be exercised by the taxpayer throughout the year at the common portal
- Enjoy the convenience of a Flexible Invoice Filing Facility
- You can upload and file selected B2B invoices In first two months of a quarter to enable flow of ITC to the recipients. The remaining invoices can be reported/filed In quarterly FORM GSTR-1
- Self assessment of ITC & Tax once every Quarter
- Reduce your compliance cost significantly by assessing tax liability & ITC admissibility on quarterly basis Instead of monthly basis
File your GST returns Just once a quarter w.e.f. 1st January, 2021