The Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme was launched on 1 January 2021 for GST registered persons having Annual Aggregate Turnover (AATO) less than INR 5 Crores. Under this scheme, eligible Taxpayers can file GSTR-1 and GSTR-3B quarterly and pay tax on a monthly basis. Note: This facility can be availed … Read moreHow To Make Tax Payments Under The QRMP Scheme?
An Invoice Furnishing Facility (IFF) has been introduced for the taxpayers who have opted for the QRMP scheme. In other words, we can say that this facility is for the taxpayers who are now eligible to file their GST returns quarterly (both GSTR-1 & GSTR-3B). Note: IFF is completely optional as of now for eligible … Read moreInvoice Furnishing Facility (IFF) for Taxpayers under the QRMP Scheme
To reduce the burden of filing monthly GST returns, the Central Board of Indirect Taxes and Customs (CBIC) has introduced the Quarterly Return Monthly Payment (QRMP) Scheme (Circular CBEC-20/01/08/2020-GST dated 10 November 2020). In this article, we will discuss the key features and analyse the QRMP scheme: Who Can Opt For The QRMP Scheme? How … Read moreQRMP Scheme – Analysis and Implications