QRMP Scheme has been began for the businessmen of the nation, who get their tax every year. The government of the nation has launched the scheme of quarterly return submitting and month-to-month payment of taxes for small taxpayers under the Goods and Services Tax (GST) system. Taxpayers whose annual turnover in the earlier financial year is up to Rs 5 crore and who have submitted their October GSTR-3B (Sales) return by 30 November 2020 are eligible for this scheme. Quarterly Return Monthly Payment Scheme permits taxpayers to file GSTR-3B on quarterly foundation and pay tax every month. All the info about this scheme, application process, all are given below, please read and read this article fastidiously. [Also read- (ऑनलाइन आवेदन) अग्निपथ योजना 2022: Agneepath Yojana पात्रता, रिजर्वेशन व चयन प्रक्रिया]
The government has launched the scheme of quarterly return submitting and month-to-month payment of taxes for small taxpayers under QRMP Scheme 2022, Through this QRMP scheme all the taxpayers will be benefitted. The GST Council had said in the assembly that registered folks with a turnover of up to Rs 5 crore may be allowed to file their returns on a quarterly foundation and pay taxes on a month-to-month foundation from January 1, 2021. Quarterly Return Monthly Payment Scheme was launched on December 5. Taxpayers can self-assess the month-to-month legal responsibility through challan every month or pay GST equal to 35 p.c of the web cash legal responsibility of the last filed quarterly GSTR-3B return. [Also read- National Apprenticeship Training: Online Registration, NATS Login, Helpline Number]
Overview of Quarterly Return Monthly Payment Scheme
|Scheme Name||QRMP Scheme|
|Launched By||Indian Government|
|Objective||Tax payment facilitation|
|Benefits||Beneficial scheme for paying tax|
|Category:||Central Government Schemes|
Objective of QRMP Scheme
This QRMP scheme offered by the government will enormously profit the taxpayers of the nation, under which they will get the facility to deposit tax. QRMP Scheme 2022 permits taxpayers to file GSTR-3B on quarterly foundation and pay tax every month. , ClearTax GST software program has a built-in answer to help you accomplish this activity with ease. Tax professionals or companies can easily upload a CSV file format, containing the record of GSTINs and the chosen submitting frequency, both ‘month-to-month’ or ‘quarterly’ on ClearTax GST. The same will be updated on the GST portal in a few seconds. Quarterly Return, Monthly Tax Payment has been launched to make compliance easier for small taxpayers. Under this scheme, the complete turnover of the taxpayers at PAN degree is Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B submitting. [Also read- (Live) pmkisan.gov.in Status 2022: PM Kisan 9वी किस्त List, Payment Status]
Benefits or Features under QRMP Scheme
- Under the Quarterly Return Monthly Payment Schemeits profit can be taken in any quarter of the whole year.
- Once the profit is taken under this QRMP scheme applied by the government, it will proceed till the registered individual modifies the possibility or his complete annual turnover does not exceed Rs 5 crore.
- Under this QRMP Scheme if somebody migrates wrongly then that individual can select to keep out of the scheme by exercising their possibility from 05.12.2020 to 31.01.2021.
- If a taxpayer opts for this facility under the QRMP Scheme, a individual can avail the facility of challan submission so that the outward provides to the registered individual are mirrored in their FORM GSTR 2A and 2B.
- The compliance burden of the taxpayer will be considerably lowered under this facility.
- Under this QRMP scheme taxpayers will have to file only 4 GSTR-3B returns as an alternative of 12 GSTR-3B returns in a year.
- Applicants will be required to submit only 4 GSTR-1 returns, as challan submitting facility will be offered under this QRMP Scheme 2022,
Eligibility for Quarterly Return Monthly Payment Scheme
- Under this scheme an eligible individual will have to file Form GSTR 3B with a complete annual turnover of up to Rs 5 crore in the earlier financial year.
- Under this scheme of the government, if the AATO of the taxpayer crosses Rs 5 crore, then the registered individual throughout the quarter will become ineligible for the scheme from the next quarter.
- If a individual opts out of the GST composition scheme quarterly, he can opt for the return submitting and month-to-month tax payment scheme.
- If the taxpayer needs to take benefit of this QRMP scheme then he should be registered as a common taxpayer or should be out of the composition scheme.
- To apply for the Quarterly Return Monthly Payment Scheme the applicant taxpayer must have a legitimate User ID and Password.
How to Change the Profile Under the QRMP Scheme
To change the profile under the Quarterly Return Monthly Payment Scheme, a taxpayer has to follow the steps given below :-
- First of all, go to the official website of the GST Portal. Next, log in to the GST portal and navigate through Services > Returns > Opt-in for Quarterly Returns.
- The opt-in quarterly return page will be displayed. Select the financial year for which you need to change the submitting frequency from the drop-down record. Click ‘Search’.
- After clicking, select from the choices given below according to your comfort.
- Quarterly – Four quarters of the financial year will be displayed.
- Frequency – Selected month-to-month/quarterly submitting choices will be displayed. The quarter open for selection will be highlighted in inexperienced.
- A taxpayer can select the month-to-month/quarterly possibility as per his want.
- A message will be displayed that the submitting frequency has been modified. Click OK’.
- Quarterly opt-in page will be displayed. The submitting frequency will be modified and the save button will be disabled.