What is QRMP GST Return? Quarterly GST return QRMP Scheme || Who can file quarterly GST return?

QRMP stands for Quarterly Return Monthly Payment, which is a scheme introduced by the Goods and Services Tax (GST) Council in India. The QRMP scheme allows small taxpayers with an aggregate turnover of up to Rs. 5 crores in the preceding financial year to file their GST returns on a quarterly basis instead of monthly, starting from January 2021.

Under the QRMP scheme, taxpayers can opt to file their GSTR-1 (outward supplies) and GSTR-3B (summary of inward and outward supplies and tax paid) returns on a quarterly basis. However, they are required to make monthly payments of tax liabilities through Form GST PMT-06. The due dates for payment of taxes under the QRMP scheme are 25th of the succeeding month of each quarter.

The QRMP scheme offers the following benefits to small taxpayers:

Reduced compliance burden: By allowing quarterly filing of returns, the QRMP scheme reduces the compliance burden on small taxpayers.

Increased cash flow: The monthly payment of taxes under the QRMP scheme helps in better cash flow management for small taxpayers.

Reduced interest liability: By allowing timely payment of taxes on a monthly basis, the QRMP scheme reduces the interest liability for small taxpayers.

The QRMP scheme is an optional scheme, and taxpayers can opt out of it at any time. However, once a taxpayer opts out of the scheme, they will not be allowed to opt in again for the rest of the financial year.

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