The Quarterly Return Monthly Payment (QRMP) Scheme is a simplified scheme introduced by the Goods and Services Tax (GST) authorities for small taxpayers in India. It is designed to ease the tax filing process for taxpayers with a turnover of up to 5 crores. This scheme, launched in 2020, offers an option for eligible businesses to file returns quarterly, rather than monthly, while continuing to make monthly payments for taxes.
Key Features of the QRMP Scheme:
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Eligibility Criteria: The QRMP Scheme is available to taxpayers whose aggregate turnover in the preceding financial year is up to ₹5 crores. Both service providers and traders who meet this criterion can opt for the scheme. However, taxpayers engaged in the supply of goods and services that are exempt from GST are not eligible for this scheme.
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Quarterly Return Filing: Under the QRMP Scheme, businesses are required to file their GST returns on a quarterly basis. This includes the GSTR-1 for outward supply details and GSTR-3B for summary of tax liabilities and payments. While the return filing frequency is quarterly, the payment of taxes is still done monthly.
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Monthly Payment of Taxes: Despite filing returns on a quarterly basis, taxpayers need to make monthly tax payments. This is done using PMT-06, a challan that can be used for making GST payments. The taxpayers will pay tax in advance, based on the self-assessed liability of the previous month, and will adjust any excess or shortfall in the next quarter’s filing.
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Invoice Uploading Facility: To simplify the process, taxpayers under the QRMP Scheme are allowed to upload their invoices and debit/credit notes monthly instead of quarterly. This helps in real-time reporting, ensuring that the tax authorities can track the data continuously.
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Benefits for Small Taxpayers: The QRMP Scheme significantly reduces the compliance burden for small businesses. By filing returns quarterly instead of monthly, businesses save time and resources. It also provides businesses more flexibility in terms of managing cash flows and handling tax payments.
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GST Payment through PMT-06: As part of the scheme, taxpayers make monthly payments through the PMT-06 challan. The payment is based on the self-assessed tax liability for the month, which ensures the tax authorities receive the due payments regularly.
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Ease of Filing: Small businesses opting for the QRMP Scheme also benefit from the auto-population of data in GSTR-3B, which minimizes the chances of errors and discrepancies. The scheme aims to make GST filing a more straightforward process for small businesses.
Practical GST Course in Delhi by SLA Consultants India:
For businesses and individuals looking to understand the GST system better, SLA Consultants India in New Delhi offers a Practical GST Course in Delhi. The course is designed to provide hands-on training on GST-related topics, including the QRMP Scheme. The course aims to help businesses stay compliant with tax regulations and enhance their understanding of various GST provisions. This course covers the filing of GST returns, tax payments, and understanding GST laws in depth, making it ideal for professionals, accountants, and business owners.
SLA Consultants India is a well-known institute in Delhi offering specialized training on GST and other accounting practices. The course is structured to include real-life case studies and practical sessions, making it easier for participants to apply their learning in real-world scenarios. The GST course provides a comprehensive understanding of the tax structure and equips learners with the knowledge required to manage their GST returns and payments effectively.
In conclusion, the QRMP Scheme is an excellent initiative for small businesses to simplify GST compliance. By choosing a practical GST course in Delhi, businesses and professionals can gain the knowledge needed to navigate this system effectively and stay compliant with tax regulations.
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