GST QRMP Scheme for Regular Return-(25 Invoice)

Under the Goods and Services Tax (GST) regime in India, the Quarterly Return Monthly Payment (QRMP) Scheme is an optional scheme for small taxpayers. Under this scheme, eligible taxpayers can file their GST returns on a quarterly basis but need to make monthly payments of taxes.

The GST QRMP Scheme for Regular Return with 25 Invoices is a sub-option available under the QRMP scheme. This scheme is designed for small taxpayers who have a turnover of up to Rs. 5 crores in the previous financial year and have a limited number of invoices.

Under this scheme, taxpayers are required to file a quarterly GSTR-1 return, which contains details of the outward supplies made during the quarter, and a monthly GSTR-3B return, which contains the summary of the tax paid and the input tax credit claimed. The due date for filing the GSTR-1 return is the 13th day of the month following the quarter, and the due date for filing the GSTR-3B return is the 22nd day of the month following the tax period.

The following are the key features of the GST QRMP Scheme for Regular Return with 25 Invoices:

Quarterly filing: Taxpayers are required to file a quarterly GSTR-1 return and a monthly GSTR-3B return. The number of invoices that can be reported in the GSTR-1 return is limited to 25 invoices.

Monthly payment: Taxpayers are required to pay taxes on a monthly basis, on the 25th of each month. This payment is to be made through the GST portal, and can be made through the Fixed Sum Method or the Self-Assessment Method.

Simplified returns: The GSTR-1 return is a simplified return, and taxpayers are only required to report the summary of their outward supplies, instead of reporting each individual invoice.

Late fee: The late fee for non-filing or delayed filing of the GSTR-1 and GSTR-3B returns is Rs. 50 per day (Rs. 25 for CGST and Rs. 25 for SGST) for each return.

It is important for taxpayers to ensure compliance with the GST regulations and to file their returns and make payments on time. Non-compliance may lead to penalties and additional compliance requirements. It is recommended that taxpayers seek professional assistance to ensure compliance with the GST regulations.

Documents Required:

• Once month collection sale purchase bills/register

• ITC details for claim input credit

• Challan creation for GST Tax payment