{"id":16489,"date":"2020-11-21T13:50:56","date_gmt":"2020-11-21T08:20:56","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=16489"},"modified":"2021-03-20T18:01:44","modified_gmt":"2021-03-20T12:31:44","slug":"outline-of-quarterly-return-monthly-payment-scheme-under-gst","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/","title":{"rendered":"Outline of Quarterly Return Monthly Payment Scheme under GST"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Nowadays, the Central Government is working to overhaul the GST Return Filing System with an aim to offer some relief to those taxpayers who are earning an aggregated business turnover of less than Rs 5 crores. In this regard, CBIC by way of Circular No 20\/01\/08\/2020 has released some notifications to prescribe a new scheme of GST returns filing for such taxpayers, known as Quarterly Return Monthly Payment Scheme or QRMP scheme.<\/p>\n\n\n\n<p>Further, the idea of Quarterly Return Monthly Payment Scheme was proposed by GST Council in its <a href=\"https:\/\/swaritadvisors.com\/learning\/outcomes-of-the-42nd-gst-council-meeting\/\" class=\"text-primary\">42<\/a><sup><a href=\"https:\/\/swaritadvisors.com\/learning\/outcomes-of-the-42nd-gst-council-meeting\/\" class=\"text-primary\">nd<\/a><\/sup><a href=\"https:\/\/swaritadvisors.com\/learning\/outcomes-of-the-42nd-gst-council-meeting\/\" class=\"text-primary\"> GST Council Meeting<\/a> held on 05.10.2020.<\/p>\n\n\n\n<p>In this blog, we will\ndiscuss in detail the Quarterly Return Monthly Payment Scheme as outlined by\nCBIC through its recent circulars and notification.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34f535e07e4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34f535e07e4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Eligibility_Criteria_for_QRMP_Scheme\" title=\"Eligibility\nCriteria for QRMP Scheme\">Eligibility\nCriteria for QRMP Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Effective_Date_for_Quarterly_Return_Monthly_Payment_Scheme\" title=\"Effective Date for Quarterly Return Monthly Payment Scheme\">Effective Date for Quarterly Return Monthly Payment Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Option_to_Choose_QRMP_Scheme\" title=\"Option to Choose QRMP Scheme\">Option to Choose QRMP Scheme<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Mode_and_Timeline_for_Choosing_this_Scheme\" title=\"Mode and Timeline for Choosing this\nScheme\">Mode and Timeline for Choosing this\nScheme<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Example\" title=\"Example\">Example<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Can_I_Choose_this_Option_in_Each_Quarter\" title=\"Can I Choose this Option in Each\nQuarter\">Can I Choose this Option in Each\nQuarter<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Migration_in_Quarterly_Return_Monthly_Payment_Scheme\" title=\"Migration in Quarterly Return Monthly\nPayment Scheme\">Migration in Quarterly Return Monthly\nPayment Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Automatic_Change_to_Default_Option\" title=\"Automatic Change to Default Option\">Automatic Change to Default Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Newly_Registered_Taxpayers_Choosing_Regular_Scheme\" title=\"Newly Registered Taxpayers Choosing Regular Scheme\">Newly Registered Taxpayers Choosing Regular Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Aggregate_Annual_Business_Turnover_crosses_Rs_5_crores\" title=\"Aggregate Annual Business Turnover\ncrosses Rs 5 crores\">Aggregate Annual Business Turnover\ncrosses Rs 5 crores<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Option_Available_for_GSTIN_or_PAN\" title=\"Option Available for GSTIN or PAN\">Option Available for GSTIN or PAN<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Submission_of_Details_Concerning_Outward_Supplies\" title=\"Submission of Details Concerning\nOutward Supplies\">Submission of Details Concerning\nOutward Supplies<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Invoicing_Furnishing_Facility\" title=\"Invoicing Furnishing Facility\">Invoicing Furnishing Facility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Invoicing_Furnishing_Facility_Optional_in_Nature\" title=\"Invoicing Furnishing Facility\nOptional in Nature\">Invoicing Furnishing Facility\nOptional in Nature<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Applicability_of_IFF\" title=\"Applicability of\nIFF\">Applicability of\nIFF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#No_Need_to_Report_Form_GSTR_1_Again\" title=\"No Need to Report\nForm GSTR 1 Again\">No Need to Report\nForm GSTR 1 Again<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Monthly_Tax_Payment_in_Form_GST_PMT_06\" title=\"Monthly Tax Payment in Form GST PMT\n06\">Monthly Tax Payment in Form GST PMT\n06<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Options_for_Paying_Tax\" title=\"Options for Paying Tax\">Options for Paying Tax<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Fixed_Sum_Method\" title=\"Fixed Sum Method\">Fixed Sum Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Self_Assessment_Method\" title=\"Self Assessment Method\">Self Assessment Method<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Can_Choose_Either_of_the_Options\" title=\"Can Choose Either of the Options\">Can Choose Either of the Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#No_Need_to_Deposit_in_case_of_Adequate_Balance\" title=\"No Need to Deposit in case of\nAdequate Balance\">No Need to Deposit in case of\nAdequate Balance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Refund_of_Excess_Deposit\" title=\"Refund of Excess Deposit\">Refund of Excess Deposit<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Filing_of_Form_GSTR_3B_on_Quarterly_basis\" title=\"Filing of Form GSTR 3B on Quarterly\nbasis\">Filing of Form GSTR 3B on Quarterly\nbasis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Cancellation_of_Registration\" title=\"Cancellation of Registration\">Cancellation of Registration<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Interest_Payment\" title=\"Interest Payment\">Interest Payment<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Payment_of_Tax_by_Fixed_Sum_Method\" title=\"Payment of Tax by Fixed Sum Method\">Payment of Tax by Fixed Sum Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Charging_of_Interest_in_case_of_Delay\" title=\"Charging of Interest in case of\nDelay\">Charging of Interest in case of\nDelay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Payment_of_Tax_by_Self_Assessment_Method\" title=\"Payment of Tax by Self Assessment Method\">Payment of Tax by Self Assessment Method<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Late_Fees_Payment\" title=\"Late Fees Payment\">Late Fees Payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/swaritadvisors.com\/learning\/outline-of-quarterly-return-monthly-payment-scheme-under-gst\/#Official_Press_Release\" title=\"Official Press Release\">Official Press Release<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_QRMP_Scheme\"><\/span>Eligibility\nCriteria for QRMP Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any registered person who needs to furnish a GST Return in\nForm GSTR 3B must have an aggregate business turnover of Rs 5 crore in the\nprevious financial year.<\/p>\n\n\n\n<p>Further,\nit is clarified by CBIC or Central Bureau of Indirect Taxes and Customs that\nthe aggregate annual business turnover for the previous financial year will be\ndetermined in the common portal after taking into account the details and\ninformation furnished in the GST Returns by the taxpayer for the tax periods in\nthe previous financial year.<\/p>\n\n\n\n<p>However,\nif in case the aggregate annual turnover exceeds Rs 5 crore in any quarter in\nthe current financial year, then the registered person will not be qualified\nfor this scheme from the next quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Effective_Date_for_Quarterly_Return_Monthly_Payment_Scheme\"><\/span>Effective Date for Quarterly Return Monthly Payment Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The effective date or the date of\nimplementation for the QRMP scheme is 01.01.2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Option_to_Choose_QRMP_Scheme\"><\/span>Option to Choose QRMP Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key points to consider while\nchoosing QRMP or Quarterly Return Monthly Payment\nScheme are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mode_and_Timeline_for_Choosing_this_Scheme\"><\/span>Mode and Timeline for Choosing this\nScheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A taxpayer can avail of or choose QRMP Scheme throughout the year by visiting the official GST Portal.<\/p>\n\n\n\n<p>Further, as per Rule 61A of the <strong>CGST Rules 2017<\/strong><sup><a href=\"http:\/\/gstcouncil.gov.in\/cgst-rule\" class=\"text-primary\"><strong>[1]<\/strong><\/a><\/sup> or Central Goods and Services Tax Rules 2017, a person registered can choose for any quarter from the first day of the second month of the previous quarter to the last day of the first month of such quarter.<\/p>\n\n\n\n<p>However,\nto use this option, the said taxpayer needs to furnish the return due on the\ndate of exercising such an option.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Example\"><\/span>Example<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Any registered person who intends to avail of QRMP Scheme for the quarter \u201cJanuary to March\u201d can use his\/her option between 01.10.2020 to 31.12.2020<\/p>\n\n\n\n<p>However, if he\/she exercises his\/her option on 27.12.2020 for the quarter (January to March), then in such a case, he\/she must have filed the <a href=\"https:\/\/swaritadvisors.com\/gst-return-filing\" class=\"text-primary\">GST Return filing<\/a> for the month of December, which was due on 22.01.2021 or 24.01.2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_Choose_this_Option_in_Each_Quarter\"><\/span>Can I Choose this Option in Each\nQuarter<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>No, a registered person is not allowed to exercise the option of Quarterly Return Monthly Payment scheme in every quarter. That means when the taxpayer has used such option once, he\/she will continue using the same option for the future tax periods as well unless he\/she revise the said option.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Migration_in_Quarterly_Return_Monthly_Payment_Scheme\"><\/span>Migration in Quarterly Return Monthly\nPayment Scheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For\nthe first quarter of the Quarterly Return Monthly Payment scheme, i.e., from 01.01.2021\nto 31.03.2021, CBIC has declared that all the taxpayers who are having an\nannual business turnover of Rs 5 crores or more and who have furnished their\nreturn in Form GSTR 3B for the month of October 2020 by 30.11.2020, will be migrated\non to the common portal as mentioned below.<\/p>\n\n\n\n<p>Thus,\ntaxpayers are advised to submit their GST Return for the month of October on\ntime, so as to become eligible for default migration.<\/p>\n\n\n\n<p>However,\nit shall be relevant to state that the taxpayers who are unable to furnish\ntheir return for the month of October,&nbsp;on or before 30.11.2020 will not be eligible for migration. Also,\nthey will not be able to choose the scheme when Form GSTR 3B as due on the date\nof exercising the option has been filed. <\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  Class of the Registered Persons\n  <\/td><td>\n  Deemed Option\n  <\/td><\/tr><tr><td>   Registered Persons who are having an aggregated business turnover   of up to Rs 1.5 crores and who have furnished Form GSTR1 on&nbsp;a quarterly basis&nbsp;in the present   financial year   <\/td><td>\n  Quarterly Return\n  <\/td><\/tr><tr><td>\n  Registered Persons who are having an aggregated business\n  turnover of up to Rs 1.5 crores and who have furnished Form GSTR 1 on&nbsp; a monthly\n  basis&nbsp;in the present financial year\n  <\/td><td>\n  Monthly Return\n  <\/td><\/tr><tr><td>   Registered Persons who are having an aggregated business turnover   of more than Rs 1.5 crores and up to Rs 5 crore in the previous financial   year   <\/td><td>\n  Quarterly Return\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Automatic_Change_to_Default_Option\"><\/span>Automatic Change to Default Option<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Any taxpayer who wants to automatically change to either of the default options mentioned above, then he\/she can do the same in between 05.12.2021 to 31.01.2021.<\/p>\n\n\n\n<p>Also, it shall be taken into consideration that the option to\nswitch the tax period shall be accessible from the month of December 2020, when\nthe new system is put in place.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Newly_Registered_Taxpayers_Choosing_Regular_Scheme\"><\/span>Newly Registered Taxpayers Choosing Regular Scheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>All the persons who\nhave acquired registration under any quarter or are opting out from paying tax\nunder the composition scheme, as specified under section 10 of the CGST Act\n2017 during any quarter will be eligible to choose Quarterly Return Monthly Payment\nscheme for the quarter for which the facility to choose is available on the\ndate of exercising the option. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aggregate_Annual_Business_Turnover_crosses_Rs_5_crores\"><\/span>Aggregate Annual Business Turnover\ncrosses Rs 5 crores<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Whenever the aggregate annual business turnover of a taxpayer exceeds the threshold of Rs 5 crores in any quarter, then he\/she will not remain eligible for Quarterly Return Monthly Payment Scheme from next quarter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Option_Available_for_GSTIN_or_PAN\"><\/span>Option Available for GSTIN or PAN<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Further, CBIC has clarified\nthat the option to avail of Quarterly Return Monthly Payment Scheme is available\nGSTIN wise. Thus, distinct persons as defined under Section 25 of the CGST Act\nhave the option to benefit from the QRMP Scheme for one or more than one\nGSTINs. <\/p>\n\n\n\n<p>In short, some GSTINs\n(Goods and Service Tax Identification Number) can opt for QRMP Scheme for that\nPAN and whereas some may be able to opt for the scheme.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submission_of_Details_Concerning_Outward_Supplies\"><\/span>Submission of Details Concerning\nOutward Supplies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The registered persons who are opting for the Quarterly Return Monthly Payment Scheme will need to furnish their details of outward supplies in Form GSTR 1&nbsp;on a quarterly basis.<\/p>\n\n\n\n<p>Further, the key points regarding the\nsubmission of details concerning outward supplies are as follows: <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invoicing_Furnishing_Facility\"><\/span>Invoicing Furnishing Facility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As\nper the ongoing return filing mechanism, i.e., pre QRMP scheme regime, any\nregistered person who is having an aggregate annual business turnover up to Rs\n1.5 crores, have been given a choice of filing their quarterly returns, i.e.,\nForm GSTR 1 and GSTR 3B.<\/p>\n\n\n\n<p>However,\nas per practical considerations, such a registered person is unable to avail of\nthe benefit of filing a quarterly return, due to the non-reflection of the\ncorresponding Input Tax Credit (ITC) in form GSTR 2A and form GSTR 2B of their\nrespective goods or services recipient.<\/p>\n\n\n\n<p>Therefore,\nsuch recipients, comprising of some big dealers and corporate houses have\nbecome hesitant in purchasing goods and services from these small registered\npersons, who have chosen for the filing of GST Returns on a quarterly basis. <\/p>\n\n\n\n<p>So,\nto do away with similar practical difficulties, CBIC has announced the\nimplementation of IFF (Invoice Furnishing Facility) on the GSTN portal.<\/p>\n\n\n\n<p>Also,\nas per Rule 59 of the CGST Rules, all the registered dealers who are choosing\nQRMP scheme need to furnish the details concerning outward supplies in Form\nGSTR 1 on a quarterly basis.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invoicing_Furnishing_Facility_Optional_in_Nature\"><\/span>Invoicing Furnishing Facility\nOptional in Nature<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It shall be significant to note that the invoicing furnishing facility is&nbsp;not of mandatory&nbsp;nature and is&nbsp;available only as an optional facility&nbsp;to the registered persons under the Quarterly Return Monthly Payment Scheme.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Applicability_of_IFF\"><\/span>Applicability of\nIFF<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For the first and second month of the\nquarter, a registered person can have access to IFF to submit the details of the\noutward supplies, as he may deem necessary, between 1<sup>st<\/sup>of the coming\nmonth till the 13<sup>th<\/sup> of the coming month.<\/p>\n\n\n\n<p>However, the said details must not\nexceed the threshold of Rs 50 lakhs in each month. Also, it shall be\nsignificant to note that after 13<sup>th<\/sup> of the coming month, the facility\nto submit IFF for the previous month will not be available.<\/p>\n\n\n\n<p>Further, as a measure of facilitation,\nthe registered taxpayer will be able to upload continuous invoices from the 1<sup>st<\/sup>\nday of the coming month to 13<sup>th<\/sup> day of the coming month. Also, such\na facility has been offered to allow reflection of supply details in Form GSTR\n2A and GSTR 2B of the said recipient.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_Need_to_Report_Form_GSTR_1_Again\"><\/span>No Need to Report\nForm GSTR 1 Again<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As per this head, there is no need to furnish the details of the tax invoices again and again in Form GSTR 1, if the registered person has already submitted the same for the first two months.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/gst-for-bloggers-youtubers\/\">A Complete Guide on GST for Bloggers &amp; YouTubers<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Monthly_Tax_Payment_in_Form_GST_PMT_06\"><\/span>Monthly Tax Payment in Form GST PMT\n06<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Every registered person\nunder the Quarterly Return Monthly Payment Scheme needs to pay the outstanding\ntax for 1<sup>st<\/sup> two months of the quarter by depositing the amount due\nin Form GST PMT 06 by the 25<sup>th<\/sup> day of the succeeding month. <\/p>\n\n\n\n<p>Further, while\ngenerating the challan, a taxpayer needs to choose \u2018Monthly Payment for Quarterly\nTaxpayer\u2019 as the reason behind challan generation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Options_for_Paying_Tax\"><\/span>Options for Paying Tax<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The two options for paying tax are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/11\/Options-for-Paying-Tax-heading.png\" alt=\"Options for Paying Tax\" class=\"wp-image-16491\" width=\"567\" height=\"233\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/11\/Options-for-Paying-Tax-heading.png 1000w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/11\/Options-for-Paying-Tax-heading-300x124.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/11\/Options-for-Paying-Tax-heading-768x316.png 768w\" sizes=\"(max-width: 567px) 100vw, 567px\" \/><\/figure><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fixed_Sum_Method\"><\/span>Fixed Sum Method<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>A facility has been\nmade accessible on the GST portal for the generation of pre-filed challan in\nForm GST PMT 06 for a sum equal to 35% of the tax paid in cash in the previous\nquarter or equal to the cash paid as tax in the last month of the quarter, in\nwhich the monthly return was furnished.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Self_Assessment_Method\"><\/span>Self Assessment Method<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Further, a taxable person who has chosen\nself assessment method needs to pay the tax after considering inward and\noutward supplies and ITC available in Form GST PMT 06. <\/p>\n\n\n\n<p>Also, to facilitate ascertainment of\nInput Tax Credit available for a month, an auto-drafted ITC statement has been\nprovided in Form GSTR 2B for every month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_Choose_Either_of_the_Options\"><\/span>Can Choose Either of the Options<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A registered person is free to choose either of the two payment methods mentioned above, i.e., the fixed Sum method or Self Assessment method in any of the two months of the quarter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_Need_to_Deposit_in_case_of_Adequate_Balance\"><\/span>No Need to Deposit in case of\nAdequate Balance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If in case there is an\nadequate amount of balance available in the electronic cash or credit ledger\nfor the amount due or if there is a nil tax liability, then the registered\nperson may not deposit any tax for the said month.<\/p>\n\n\n\n<p>Also, if the same\nsituation remains for the second month of the quarter, then again, there is no\nneed for the taxpayer to deposit any tax for the said month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Refund_of_Excess_Deposit\"><\/span>Refund of Excess Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Any refund claim with\nregard to the amount deposited for the first 2 months of the quarter for tax\npayment will be permitted only after filing return in Form GSTR 3B for the said\nquarter. Also, the deposit will not be used for any other purpose than return\nfiling for the quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filing_of_Form_GSTR_3B_on_Quarterly_basis\"><\/span>Filing of Form GSTR 3B on Quarterly\nbasis<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>All the registered\ntaxpayers who have chosen Quarterly Return Monthly Payment Scheme needs to file\nForm GSTR 3B for each quarter, on or prior to 22<sup>nd<\/sup> or 24<sup>th<\/sup>\nof the coming month.<\/p>\n\n\n\n<p>Further, all the\ndetails concerning supplied made, ITC availed, etc. are covered under Form GSTR\n3B. <\/p>\n\n\n\n<p>Also, the amount\ndeposited by the registered person for the first two months will solely be debited\nfor the purpose of offsetting the liability determined in that quarter.\nHowever, it shall be relevant to state that if in case there is any amount left\nfor that quarter after filing Form GSTR 3B, the same will be claimed as refund\nor may be used for any other motive in the subsequent quarters.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cancellation_of_Registration\"><\/span>Cancellation of Registration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If in case the taxpayer decides to cancel his\/her registration&nbsp;during any of the first two months of the quarter, still he\/she will need to furnish a GST Return in Form GSTR 3B for the pertinent tax period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interest_Payment\"><\/span>Interest Payment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Payment_of_Tax_by_Fixed_Sum_Method\"><\/span>Payment of Tax by Fixed Sum Method<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It shall be relevant to state that there is no need for the applicant to pay any interest if in case the tax due is paid by him\/her through auto-calculated fixed sum method. However, while submitting the form, it is found in any of the first two months, that the tax liability on the supplies made is more than the amount paid in the challan, then, in that case, no interest will be charged by the registered person. But the same is possible only if he\/ she discharges the whole of his\/her quarter\u2019s liability in Form GSTR 3B up to the due date.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charging_of_Interest_in_case_of_Delay\"><\/span>Charging of Interest in case of\nDelay<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If in case the taxpayer is unable to pay the tax due in Form GST PMT 06 up to the due date, then interest will be charged on the same at the applicate rates, starting from the date of filing Form GST PMT 06 till the date of making payment.<\/p>\n\n\n\n<p>Further, it shall be relevant to note that, if in case the taxpayer is unable to file Form GSTR 30 till the due date, then interest will be charged as per the provisions of section 50 of the CGST Act. Also, the interest levied on the tax liability will be discharged through cash.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Payment_of_Tax_by_Self_Assessment_Method\"><\/span>Payment of Tax by Self Assessment Method<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If in case a taxpayer calculates his her liability by self assessment method but was unable to discharge the same on time, then the interest will be levied as per the provisions of section 50 of the CGST Act. However, in this case, the interest will be paid by way of Form GSTR 3B itself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Late_Fees_Payment\"><\/span>Late Fees Payment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The concept of Late Fee is applicable whenever there is a delay in furnishing details of outward supply or return.<\/p>\n\n\n\n<p>As per Quarterly Return Monthly Payment Scheme,&nbsp;no late fee will be charged for the delay caused in payment of tax for the first two months of the quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\na nutshell, the main aim behind the implementation of Quarterly Return Monthly\nPayment Scheme was to offer some relief to those\ntaxpayers who are earning an aggregated business turnover of less than Rs 5\ncrores.<\/p>\n\n\n\n<p>Further, the idea of\nQuarterly Return Monthly Payment Scheme was proposed by GST Council in its 42<sup>nd<\/sup>\nGST Council Meeting held on 05.10.2020. Also, the effective date or the date of implementation for\nthe QRMP scheme is 01.01.2021.<\/p>\n\n\n\n<p>Also, CBIC\nhas clarified that the option to avail of Quarterly Return Monthly Payment\nScheme is available GSTIN wise.<\/p>\n\n\n\n<p>For any other detail, reach out to Swarit Advisors, we have a team of experts who are proficient in providing services, such as <a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/gst-registration\">GST Registration<\/a> and GST Return Filing.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/cgst-sgst-igst-difference\/\">CGST, SGST, and IGST: Understanding the difference<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_Press_Release\"><\/span>Official Press Release<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/11\/Circular_Refund_143_11_2020.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Circular_Refund_143_11_2020<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nowadays, the Central Government is working to overhaul the GST Return Filing System with an aim to offer some relief to those taxpayers who are earning an aggregated business turnover of less than Rs 5 crores. In this regard, CBIC by way of Circular No 20\/01\/08\/2020 has released some notifications to prescribe a new scheme [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":16496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,1],"tags":[919],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/16489"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=16489"}],"version-history":[{"count":17,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/16489\/revisions"}],"predecessor-version":[{"id":18260,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/16489\/revisions\/18260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/16496"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=16489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=16489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=16489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}