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How to Opt Quarterly Return & Monthly Payments (QRMP)

QRMP scheme is also known as Quarterly Returns with Monthly Payment Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their due tax on monthly basis by challan.

Who are eligible for the QRMP scheme?

All taxpayers whose aggregate annual turnover (PAN based) is up to INR 5 Crore in the current FY (financial year) and the preceding financial year (if applicable) and have already filed their last due tax Form GSTR-3B return, are eligible for the QRMP scheme.

If your aggregate turnover (PAN based) for FY 2019-20 and current FY is up to INR 5 Crore and you have filed your GSTR-3B form for the month of October 2020 by last November of 2020 (let’s assume), you will be put under QRMP scheme by default, by the GST system.

Is the QRMP scheme available to every taxpayer?

The QRMP scheme is not for every taxpayer.

This scheme can be availed only by those taxpayers who are liable to file Form GSTR-3B & Form GSTR-1 return and can be opted by:

  1. Registered taxpayer (Normal taxpayer, SEZ Developer, SEZ unit)
  2. Taxpayers who have opted out of composition scheme
  3. Persons applying for a fresh registration as Normal taxpayer

Note: The scheme is not available for taxpayers whose AATO (Annual aggregate turnover) is more than INR 5 Crores.

What is IFF?

IFF is also termed as Invoice Furnishing Facility for taxpayers who have opted for QRMP scheme to declare outward supplies to a registered person for first 2 months of any quarter. It is count as an optional facility. The facility will be similar to Form GSTR-1. IFF allows filing for only B2B invoices, credit and debit notes etc.

Last date of filing IFF for a month – Date of 13th of the next month.

Opting for QRMP Scheme

Kindly note that from 1st of Jan 2021 onwards; you can opt out for the QRMP scheme. If you opt out of the scheme you would need to file Form GSTR-1 and Form GSTR-3B on Monthly basis.

However, you may continue to remain in the QRMP scheme (if you are put under QRMP scheme by default from0 5.12. 2020 by the GST system) and file both Form GSTR-1 and GSTR-3B at quarterly basis.

Pre-conditions for a taxpayer to opting for QRMP scheme?

These are the pre-conditions need to be fulfilled by a taxpayer to opt for QRMP scheme:

  1. Taxpayer must be registered as a regular taxpayer or opted out of composition scheme
  2. Taxpayer must have a valid User ID and password
  3. The Annual aggregate turnover (AATO) in current and preceding FY (if applicable) is up to INR 5 Crore.
  4. The Form GSTR-3B return for most recent tax period has been filed.
  5. There is no data saved on the portal in Form GSTR-1 for the applicable period (i.e. period for which an individual is opting for QRMP scheme).

When can a Taxpayer opt in or opt out the QRMP Scheme?

Taxpayer can opt in or opt out of the Quarterly Returns with Monthly Payment Scheme any time during the year according to the timelines mentioned in the table below:

S No.Quarter of a Particular Year        QRMP Scheme can be opted in or opted out during
1.Q1 (April – May – June)1st February’ – 30th April’
2.Q2 (July – August – September)1st May’  – 31st July’
3.Q3 (October – November – December)1st August’  – 31st October’
4.Q4 (January – February – March)1st November’  – 31st January of next year