GST QRMP Scheme for Regular Return-(200 Invoice)

The QRMP (Quarterly Return Monthly Payment) scheme is a new initiative introduced by the GST council for small taxpayers with an annual turnover of up to Rs. 5 crore. Under this scheme, eligible taxpayers can file their GST returns on a quarterly basis while paying tax on a monthly basis. The process for GST return filing under the QRMP scheme for up to 200 invoices is as follows:

Determine Eligibility: The taxpayer must first determine their eligibility for filing under the QRMP scheme. Taxpayers with an aggregate turnover of up to Rs. 5 crore can opt for the QRMP scheme.

Choose Option: The taxpayer must choose the option of the QRMP scheme at the beginning of the quarter.

File GSTR-1: The taxpayer must file their GSTR-1 return for the first two months of the quarter by providing details of their outward supplies and invoices issued during the month. The due date for filing GSTR-1 is the 13th of the following month.

Pay Taxes: The taxpayer must pay any tax liability for the first two months of the quarter by the 25th of the following month using Form GST PMT-06.

File GSTR-3B: The taxpayer must file their GSTR-3B return for the first two months of the quarter by providing details of their inward and outward supplies, taxes paid, and input tax credit availed during the month. The due date for filing GSTR-3B is the 22nd/24th of the following month, depending on the state.

File Quarterly Return: The taxpayer must file their quarterly return for the quarter by providing details of their outward and inward supplies, taxes paid, and input tax credit availed during the quarter. The due date for filing the quarterly return is the 13th of the month following the quarter.

Pay Taxes: The taxpayer must pay any tax liability for the third month of the quarter by the 25th of the month using Form GST PMT-06.

It is important for taxpayers to ensure timely and accurate filing of their GST returns under the QRMP scheme to avoid any penalties or interest charges. Therefore, it is advisable to seek professional help if necessary to ensure compliance with GST regulations. Also, it is essential to keep accurate records of all transactions to ensure correct calculation of tax liability and filing of returns.