Quarterly Return Monthly Payment Scheme

Eligibility for the Scheme

• A registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme

• In case the aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year, the registered person shall not be eligible for the Scheme from the next quarter. Exercising option for QRMP Scheme

• A registered person can opt-in for any quarter from the first day of the second month of the preceding quarter to the last day of the first month of the quarter.

• In order to exercise this option, the registered person must have furnished the last return, as due on the date of exercising such an option. Exercising option for QRMP Scheme For the quarter, in order to facilitate the taxpayers, all the registered persons, whose aggregate turnover for the FY 2019-20 is up to 5 cr and who has furnished the return in FORM GSTR-3B for the month of October 2020 by 30th November 2020, shall be migrated on the common portal as below: – Sl. No. Class of registered person Default Option

1. Registered persons having an aggregate turnover of up to 1.5 crore rupees who have furnished FORM GSTR-1 on a quarterly basis in the current financial year Quarterly return

2. Registered persons having an aggregate turnover of up to 1.5 crore rupees who have furnished FORM GSTR-1 on monthly basis in the current financial year Monthly Return

3. Registered persons having an aggregate turnover of more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year Quarterly return Monthly Payment of Tax

 • The registered person under the QRMP Scheme would be required to pay the tax due in each of the first two months of the quarter by depositing the due amount in FORM GST PMT-06, by the twenty-fifth day of the month succeeding such month

• Taxpayers should select “Monthly payment for the quarterly taxpayer” as a reason for generating the challan Calculation of monthly payment

• Fixed Sum Method-A pre-filled challan in FORM GST PMT-06 for an amount equal to thirty-five percent. of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly will be made available.

• Self-Assessment Method-A person can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available, in FORM GST PMT-06. In order to facilitate ascertainment of the ITC available for the month, an auto-drafted input tax credit statement has been made available in FORM GSTR2B, for every month. The effective date of the Scheme This new Scheme will be effective from 01.01.2021.