GST QRMP Scheme for Regular Return-(100 Invoice)
The GST QRMP (Quarterly Return Monthly Payment) scheme is a new scheme introduced by the GST Council for small taxpayers with an aggregate turnover of up to Rs. 5 crore. Under this scheme, taxpayers can file their GSTR-1 and GSTR-3B returns quarterly and pay taxes on a monthly basis. The process for GST return filing under the QRMP scheme for regular return (100 invoice) is as follows:
Determine Eligibility: The taxpayer must first determine their eligibility for the QRMP scheme by checking if their aggregate turnover is up to Rs. 5 crore.
Enroll for Scheme: The taxpayer must enroll for the QRMP scheme by opting-in for the scheme on the GST portal.
File GSTR-1: The taxpayer must file their GSTR-1 return for the quarter by providing details of their outward supplies and invoices issued during the quarter. For taxpayers with up to 100 invoices in a quarter, the due date for filing GSTR-1 is the 13th of the month following the end of the quarter.
Pay Monthly Tax: The taxpayer must pay the tax liability for the month 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 month by the 22nd of the following month.
Repeat Process: The taxpayer must repeat the above process for each quarter of the financial year.
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.