All You Need To Know About QRMP Scheme | Ebizfiling
Introduction Taxpayers with an annual turnover of less than INR 5 crore will not be mandated to submit GSTR-1 and GSTR-3B forms on a monthly basis as agreed in the 42nd GST Council meeting. They will now conduct it on a quarterly basis. Further, on December 5, 2020, the Modi Government finally announced the commencement of the same under the name QRMP Scheme. In this article, we'll talk about the QRMP Scheme, who is eligible to file, and how to file GST returns using Forms GSTR 3B and GSTR 1 under the QRMP Scheme. What is QRMP Scheme? QRMP scheme stands for Quarterly Return filing & Monthly Payment of Taxes. Taxpayers can make monthly GST payments by challan under the QRMP Scheme. The two options for making GST return payments are self-assessment of monthly liabilities and 35% of the net cash liability of previously filed GSTR-3B of the quarter. Who is eligible for QRMP Scheme? A registered person who must submit a return in GSTR-3B and who had an ag