December 7, 2020 1:55:37 am
The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under the GST system.
Taxpayers who have aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020 are eligible for this scheme.
The Goods and Services Tax (GST) Council, in its meeting held on October 5, had said that registered person having aggregate turnover up to Rs 5 crore may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from January 1, 2021.
With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
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Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter. Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.
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