QRMP Scheme is launched for the GST taxpayer that will be applicable officially in 2021. launches this scheme, the central government of India launches this scheme for the small taxpayers. In the QRMP Scheme For GST payers, some limitations and advantages may affect all small and big taxpayer.
We are here for a brief discussion on this topic. But before that, you need to understand this scheme, why this scheme is launched, and the future impact on the small and big taxpayer.
The QRMP stands for “Quarterly Return filing & Monthly Payment of Taxes.” This scheme is affected in the market from the 1st January of 2021.
One more thing, all the taxpayers can’t be eligible for this scheme. There are some special criteria that you must know about it.
QRMP Scheme For GST Payers 2021:
As you know, this “Quarterly Return filing & Monthly Payment of Taxes” (QRMP) is only for the small taxpayer whose annual turnover up to 5 crores. Apart from that, there are some criteria fixed for the applicants.
If a taxpayer’s turnover of up to Rs. 5 crores and filled all his/her sales details on GSTR-3B October, then you are eligible for this scheme in the preceding financial year. This scheme is a special criteria scheme issued by the CBIC and its chairman.
Applicable Date Or, Effective Date For the QRMP Yojana:
This “Quarterly Return filing & Monthly Payment of Taxes” scheme will e effected from the 1st of 2021.
Eligibility Of The QRMP Scheme Of GST 2021:
To eligible for this central government scheme, you must put in a disc that our CBIC planned.
- Your aggregate turnover must be of Rs. 5 crores on the previous year.
- If, in any case, the annual aggregate turnover exceeded the rupees 5 crores that that person can’t be eligible for this scheme.
Quarterly Return Monthly Payment (QRMP) scheme launched.
You can pay 35% of your net cash liability of previous filed GSTR-3B and avoid interest liability.https://t.co/OUaSBlZpDP @PTI_News @ANI @ETVBharatEng @ians_india @DDNewslive pic.twitter.com/ai1ST0AvrX
— GST Tech (@Infosys_GSTN) December 5, 2020
What Are The Benefits For The 1st Quarter of This GST Scheme?
As we know, this scheme applies to the 1st of Jan 2021. From that time to March 2021, a taxpayer registered all of his/her information correctly in the FORM Of October GST-3B that returned by 30th Nov 2020.
Then he/she has furnished the return for his existing taxpayers. For a better understand, we will give a chart that may help you.
|Aggregate Turnover Of a Person||Default Migrated Option|
|The Current years turnover Up To 1.5 Cr (FORM GSTR-1) every month||Return On Monthly Basis|
|The Current years turnover Up To 1.5 Cr (FORM GSTR-1) on Quarterly Basis||Return On Quarterly Basis|
|The Preceding years turnover Up To 1.5 Cr (FORM GSTR-1)||Return On Quarterly Basis|
All the scheme features are only for the filled furnish of Oct 2020.
If a taxpayer has not filled the oct return FORM, then he/she will not be migrated to this scheme. If you apply for this scheme after the official date, you must be fined for this under Section 47 of the CGST Act. You will be fined a fixed amount as per the scheme fixed.
These are the basic information of the “Quarterly Return filing & Monthly Payment of Taxes” – QRMP Scheme for GST payers that may be effected from the 1st January 2021. After effecting this scheme, there are few small businessmen will be benefits in terms of financial. At the same site, few businessmen will have a chance to face some issues.
If you are a small taxpayer since the GST is launched, you must be registered on this QRMP scheme and accurately put all of your information. Apart from that, you can contact us during the registration process if you face any issues.
We will help you to register on the QRMP Scheme for GST payers 2021.