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GST - QRMP Scheme

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Akash Bagrecha
Akash Bagrecha

Explainer on GST - QRMP Scheme Know about Quarterly Return and Monthly Payment Scheme (#QRMP) for GST Taxpayers.

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Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme: J&S Concepts : Edition #5 Story Duration : 2 Min 鏝 Urvi Gandhi & Akash Bagrecha Prepared by Jorden & Sky Advisors
Prepared by : Jorden & Sky Advisors Hey, I got a message stating that Dear as per QRMP scheme you are defaulted to file your GSTR-1 and 3B on quarterly basis from Jan-Mar 21. To change pls visit http://services.gst.gov.in Can you please let me know what does this message mean? Well, dont panic on that . It was automated message with errors in the wording Looks like intention was to mention by default instead of defaulted! So please ignore the message
Prepared by : Jorden & Sky Advisors Thats a relief. Cant expect such an error from GST. Can you explain what is QRMP Scheme ? QRMP Scheme is for eligible taxpayers* to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their tax dues on monthly basis through a challan *All taxpayers whose aggregate annual turnover for FY-2019-20 is up to 5 Crore in the current FY and the preceding FY and have filed Form GSTR-3B return, are eligible for the QRMP scheme.
Prepared by : Jorden & Sky Advisors Is QRMP Scheme available to all the taxpayers ? No, the QRMP scheme is not available to every taxpayer. The QRMP scheme can be availed only by those taxpayers who are liable to file Form GSTR-1 and Form GSTR-3B returns Note: The scheme is not available for taxpayers whose Annual aggregate turnover (AATO) is more than 5 Crores
Prepared by : Jorden & Sky Advisors How does the payment of GST work under QRPM Scheme? Tax Payer need to pay the tax due in each of the first two months (by 25th of next month) in the quarter & can either use the Fixed Sum Method (pre-filled challan) or Self- Assessment Method (actual tax due), for the monthly payment of tax for the first two months, after adjusting ITC.
Prepared by : Jorden & Sky Advisors What are the business benefits of QRPM Scheme? File GST Returns In Form GSTR-1 & 3B just once in a Quarter Pay monthly tax conveniently using Fixed Sum Method or Self-Assessment Method in first two months of a Quarter Easily opt in and opt out of the Scheme Reduction of Burden
Prepared by : Jorden & Sky Advisors Gotcha. One last question. Is it mandatory to opt for QRMP and what will be your advice ? Its not mandatory to opt for QRMP and The choice to opt in and opt out of the scheme can be exercised by the taxpayer throughout the year. My views on QRMP you can connect me on akash@jordensky.com
Congratulations ! You are now ready Read More Case Studies Prepared by : Jorden & Sky Advisors

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GST - QRMP Scheme

  • 1. Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme: J&S Concepts : Edition #5 Story Duration : 2 Min 鏝 Urvi Gandhi & Akash Bagrecha Prepared by Jorden & Sky Advisors
  • 2. Prepared by : Jorden & Sky Advisors Hey, I got a message stating that Dear as per QRMP scheme you are defaulted to file your GSTR-1 and 3B on quarterly basis from Jan-Mar 21. To change pls visit http://services.gst.gov.in Can you please let me know what does this message mean? Well, dont panic on that . It was automated message with errors in the wording Looks like intention was to mention by default instead of defaulted! So please ignore the message
  • 3. Prepared by : Jorden & Sky Advisors Thats a relief. Cant expect such an error from GST. Can you explain what is QRMP Scheme ? QRMP Scheme is for eligible taxpayers* to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their tax dues on monthly basis through a challan *All taxpayers whose aggregate annual turnover for FY-2019-20 is up to 5 Crore in the current FY and the preceding FY and have filed Form GSTR-3B return, are eligible for the QRMP scheme.
  • 4. Prepared by : Jorden & Sky Advisors Is QRMP Scheme available to all the taxpayers ? No, the QRMP scheme is not available to every taxpayer. The QRMP scheme can be availed only by those taxpayers who are liable to file Form GSTR-1 and Form GSTR-3B returns Note: The scheme is not available for taxpayers whose Annual aggregate turnover (AATO) is more than 5 Crores
  • 5. Prepared by : Jorden & Sky Advisors How does the payment of GST work under QRPM Scheme? Tax Payer need to pay the tax due in each of the first two months (by 25th of next month) in the quarter & can either use the Fixed Sum Method (pre-filled challan) or Self- Assessment Method (actual tax due), for the monthly payment of tax for the first two months, after adjusting ITC.
  • 6. Prepared by : Jorden & Sky Advisors What are the business benefits of QRPM Scheme? File GST Returns In Form GSTR-1 & 3B just once in a Quarter Pay monthly tax conveniently using Fixed Sum Method or Self-Assessment Method in first two months of a Quarter Easily opt in and opt out of the Scheme Reduction of Burden
  • 7. Prepared by : Jorden & Sky Advisors Gotcha. One last question. Is it mandatory to opt for QRMP and what will be your advice ? Its not mandatory to opt for QRMP and The choice to opt in and opt out of the scheme can be exercised by the taxpayer throughout the year. My views on QRMP you can connect me on akash@jordensky.com
  • 8. Congratulations ! You are now ready Read More Case Studies Prepared by : Jorden & Sky Advisors