The Quarterly Return Monthly Payment (QRMP) Scheme is designed by the Goods and Services Tax (GST) department to ease the compliance burden for small taxpayers, particularly those with a turnover of less than Rs. 5 Crore. This scheme allows businesses to file GST returns on a quarterly basis, while still making their tax payments on a monthly basis. By introducing this scheme, the government aims to simplify the process and reduce the frequency of GST filings for smaller businesses.
Overview of the QRMP Scheme
Under the QRMP Scheme, eligible businesses can file GST returns every quarter instead of monthly. This includes GSTR-1 (outward supply details), GSTR-3B (summary of inward and outward supplies along with tax liabilities), and other related compliance requirements. Despite the quarterly return filing, businesses are still required to make their GST payments monthly. Payments are made based on the self-assessed tax, and businesses can use the PMT-06 challan for monthly payments.
Benefits of QRMP Scheme
Reduced Compliance Burden: The QRMP scheme reduces the frequency of filing GSTR-1 and GSTR-3B from monthly to quarterly, thus making it easier for small businesses to stay compliant with GST regulations.
Ease in Payment: Businesses do not have to worry about paying GST monthly for the full period. Instead, they make a simplified tax payment on a monthly basis using a self-assessed amount. The scheme allows the tax liability to be paid based on the monthly turnover, making the process more manageable.
Flexibility in Filing: The QRMP scheme provides businesses with the option to either pay taxes based on self-assessed figures or use the GSTPMT-06 option, which facilitates the calculation and payment of taxes.
Reduced Financial Pressure: By shifting from a monthly filing requirement to quarterly filings, businesses can reduce the frequency of financial and accounting pressures, thereby ensuring smoother operations without the added load of monthly compliance.
Eligibility for the QRMP Scheme
The QRMP scheme is available for businesses that meet the following criteria:
Turnover of Less Than Rs. 5 Crore: The scheme is intended for businesses with a turnover less than Rs. 5 Crore in the preceding financial year. This limit makes it ideal for small and medium-sized enterprises.
Opting into the Scheme: To opt into the QRMP scheme, businesses must register through the GST portal. Once opted in, they must continue to file their returns under this scheme unless they decide to opt-out due to a change in turnover or business structure.
How to File Under the QRMP Scheme
GSTR-1 (Quarterly Filing): The outward supply details must be filed quarterly, with a deadline to submit the return by the 13th day of the month following the quarter.
GSTR-3B (Monthly Filing): Although returns are filed quarterly, taxpayers need to submit a GSTR-3B return for tax payment on a monthly basis. This can be done on the 22nd or 24th of each month, depending on the state of registration.
Payment of Tax (Monthly): Tax payments are made through a PMT-06 challan for each month based on self-assessed tax liability.
Training for QRMP Scheme: SLA Consultants India
For small businesses seeking to understand and efficiently implement the QRMP scheme, SLA Consultants India offers Practical GST Course in Delhi (110098). These courses provide comprehensive training on GST compliance, including the QRMP scheme, helping business owners and professionals understand how to leverage the scheme to streamline their tax filings and payments. Participants learn through real-world examples and case studies, ensuring they can apply their learning to actual business scenarios.
The training covers the entire GST return filing process, from registration and invoicing to quarterly return filing and tax payments, making it an ideal resource for anyone looking to gain hands-on knowledge in GST and QRMP compliance.
In conclusion, the QRMP scheme offers immense benefits to small taxpayers, helping them manage their compliance requirements with ease. By attending practical GST courses like the ones offered by SLA Consultants India, businesses can better understand this scheme and ensure smooth and accurate GST filings.
SLA Consultants Understanding the QRMP Scheme for Small Taxpayers, Get Practical GST Course in Delhi, 110098, by SLA Consultants India, New Delhi Details with "New Year Offer 2025" are available at the link below:
https://www.slaconsultantsindia.com/certification-course-gst-training-institute.aspx
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GST Training Courses
Module 1 - GST- Goods and Services Tax- By Chartered Accountant- (Indirect Tax)
Module 2 - Income Tax/TDS - By Chartered Accountant (Direct Tax)
Module 4 - Banking and Finance Instruments - By Chartered Accountant
Module 5 - Customs / Import and Export Procedures - By Chartered Accountant
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