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The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme was introduced by the CBIC from 1st January 2021, to help small taxpayers by way of reducing their compliance burden. The article covers the process of tax payment to be made for the first two months of the quarter by these taxpayers filing quarterly GSTR-3B.
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 registered taxpayer with an aggregate annual turnover of up to Rs.5 crore in the preceding financial year can opt for the QRMP scheme. This scheme allows taxpayers to file the GSTR-3B quarterly, while paying taxes on a monthly basis. Thus, small taxpayers can now file only eight regular returns in a year, i.e., four GSTR-1 returns and four GSTR-3B returns instead of 16 returns, i.e., four GSTR-1 and twelve GSTR-3B returns.
Under the QRMP scheme, an Invoice Furnishing Facility (IFF) is also available to taxpayers, to upload their sales invoices every month on the GST portal, even though the GSTR-1 is to be filed quarterly. These invoices will be reflected in the GSTR-2A and GSTR-2B of their GST registered buyers, who can use the input tax credits (ITC) on a timely basis. This prevents their customers from losing out on eligible input credits and in turn them losing their customers.
All registered persons under the QRMP scheme should pay the tax due in each of the first two months of the quarter by the 25th of the next month in that quarter. For example, the tax due for the month of February 2021 (Month 2) should be deposited by 25th March 2021.
A taxpayer should deposit the tax using Form GST PMT-06. The taxes can be paid either using the fixed sum method or the self-assessment method. Both the methods are discussed in detail in the further sections of this article.
On the other hand, the tax payment for the third month is due by 22nd or 24th of the month succeeding the quarter and must be paid together with the GSTR-3B filing.
Registered persons can make payments for the first two months of the quarter by using either of the following methods:
|Tax paid in Quarter Jan-Mar’21||Tax to be paid in each month, for Apr’21 and May‘21|
However, if a taxpayer has been filing his return monthly prior to the quarter of opting into the QRMP scheme, i.e., Apr-Jun’21, then he/she can opt to pay an amount equal to the tax paid in the last month of the preceding quarter.
|Tax paid for Mar’21 monthly return period||Tax to be paid in each month, for Apr’21 and May‘21|
Interest is applicable under the QRMP scheme if:
In this case, interest will be charged separately for the number of days delayed in the first month, second month, and in filing the quarterly GSTR-3B.
Rate of interest- It shall be 18% of the net tax liability which remains unpaid or paid after the due date for any of the months of the quarter. Also, a late fee is applicable if there is a delay in filing the returns (GSTR-3B/GSTR-1). A late fee of Rs.50 per day is charged (Rs.20 for nil returns), subject to a maximum of Rs.5,000. However, no late fee is charged for a delay in payment of tax for the first two months of the quarter.
Step 1: Log in to the GST portal and navigate through Dashboard> Payments> Create challan.
Step 2: Under ‘Reason for Challan’, select the ‘Monthly payment for quarterly return’ option. Select the financial year, period, type of challan and then click on ‘Proceed’.
Note: A taxpayer is not required to make any tax payment during the first two months of the quarter if the balance in the electronic cash/credit ledger is sufficient for the tax due, or there is a nil tax liability.
Pay the challan generated as per your preferred mode of payment. To know more about steps to make payments under GST, read our article on “Step-by-step process of GST payments”.
To know more about the compliance under QRMP scheme, read our articles: