The Central Government has launched ‘Quarterly Return filing & Monthly Payment of Taxes (QRMP)’ scheme for small taxpayers beneath the GST system. Taxpayers with an combination annual turnover of as much as Rs 5 crore within the previous monetary yr and have filed their October GSTR-3B (gross sales) return by November 30, 2020, are eligible for this scheme. The notifications for a similar had been issued by the Central Board of Indirect Taxes and Customs (CBIC).
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About QRMP Scheme:
- Persons with combination turnover as much as Rs 5 crore can be allowed to furnish their GSTR-1 and GSTR-3B returns on a quarterly foundation, starting January-March quarter of 2020-21.
Quarterly GSTR-1 and GSTR-3B may also be filed via an SMS.
- Taxpayers may make GST funds each month, via challan, with impact from January 1, 2021.
- This may be achieved both by self-assessment of month-to-month legal responsibility or 35% of web money legal responsibility of earlier filed GSTR-3B of the quarter.
- Under this, the registered particular person or a taxpayer will furnish a return for each quarter, beneath sub-rule (1) of rule 61A of the Central Goods and Services Tax Rules, 2017 and pay the month-to-month tax beneath sub-section (7) of part 39 of the identical Act.
- After the above modifications, the act is known as because the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020.
Important takeaways for all aggressive exams:
- CBIC Chairman: M. Ajit Kumar.
- CBIC Parent Ministry: Ministry of Finance.
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