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The Quarterly Return Filing and Monthly Payment of Taxes Scheme (QRMP) was introduced by the Central Board of Indirect Taxes and Customs (CBIC) to reduce the compliance burden on small taxpayers. Under this scheme, taxpayers with a turnover of up to Rs.5 crores can opt for quarterly return filing, with a monthly payment of taxes.
Latest Updates on QRMP scheme
26th August 2021
From 1st September 2021, taxpayers will not be able to file GSTR-1 or use the IFF for August 2021 on the GST portal if they have pending GSTR-3B filings. It applies if GSTR-3B is pending for the past two months till July 2021 (monthly filer) or for the last quarter ending 30th June 2021 (quarterly filer), as per CGST Rule 59(6).
28th May 2021
At the 43rd GST Council meeting, the following was announced:
(1) The time limit to furnish B2B supplies on the IFF (optional facility for the taxpayers opting into the QRMP scheme), for May 2021 has been extended from 13th June to 28th June 2021.
(2) For any delayed submission of PMT-06 for April 2021 and May 2021, interest relief has been provided as follows:
(i) For April 2021, No interest is charged for delayed submission up to 9th June, whereas 9% of reduced interest is charged between 10th June and 9th July, and 18% of interest is charged thereafter.
(ii) For May 2021, No interest is charged for delayed submission up to 10th July, whereas 9% of reduced interest is charged between 11th and 25th July, and 18% of interest is charged thereafter.
(3) Quarterly GSTR-3B filing for Jan-Mar 2021 has also got interest and late fee relief as laid down here.
1st May 2021
The time limit to furnish B2B supplies on the IFF (optional facility for the taxpayers opting into the QRMP scheme), for April 2021 has been extended from 13th May to 28th May 2021.
6th January 2021
IFF is LIVE on GST portal. Sorting out the B2B documents for IFF reporting becomes essential to pass tax credits to buyers but may get cumbersome. The GSTN’s advisory stated that the option to upload details in IFF can be used till 13th of the next month. Any invoices left out to be reported can be filed using the IFF in the consequent month IFF or directly on the quarterly Form GSTR-1.
Navigate to Returns > Services > Returns Dashboard > File Returns > Select FY and month > click on the ‘SEARCH’ button to file the IFF forms. For more details about the steps, read our article on ‘Steps to file IFF’. ClearTax has a host of features to aid you in faster and accurate compliance. Click here to explore.
A taxpayer shall follow the steps below to change the profile under the QRMP Scheme:
Step 1: Log in to the GST portal and navigate through Services > Returns > Opt-in for quarterly return.
Step 2: The opt-in quarterly return page will be displayed. Select the financial year from the drop-down list for which you want to change the filing frequency. Click on ‘Search’.
Step 3: The following details will be displayed-
Note: For taxpayers whose aggregate annual turnover is greater than Rs.5 crores, the filing frequency will be monthly and there will be no option to choose quarterly return filing.
Step 4: A confirmation message will be displayed. Click ‘OK’ to confirm the selection of filing frequency.
If the taxpayer chooses the filing frequency as quarterly:
If the taxpayer chooses the filing frequency as monthly:
Step 5: A message will be displayed that the filing frequency has been changed. Click ‘OK’.
The quarterly opt-in page will be displayed. The filing frequency will be changed and the save button will be disabled.
Note: After the taxpayer has opted in or out of the QRMP Scheme, an email and SMS will be sent to the taxpayer’ primary authorised signatory. Click on the ‘Continue to returns dashboard’ button to go to the returns page.