Quarterly Return & Monthly Payment (QRMP) Scheme in GST
The Central Board of Indirect Taxes & Customs (CBIC) introduced an option to file returns on a Quarterly basis and Payment of GST on a Monthly basis under GST to help small taxpayers whose turnover is less than Rs.5 crores. This scheme is called the QRMP Scheme . This scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. [dropcap]Q[/dropcap]RMP Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on a quarterly basis along with monthly payment of tax. Thus, the small taxpayers would only need to file only 8 returns (4 GSTR 1 and 4 GSTR 3B) in a year as compared to 16 returns (4 GSTR 1 and 12 GSTR 3B) a year at present. This scheme would bring in a big relief to those taxpayers who may have been losing their eligible credits due to compliance with Rule 36(4) where their suppliers are filing GSTR 1 quarterly. Now, with the introduction of the QRMP sc