The QRMP (Quarterly Return Monthly Payment) Scheme under GST is a simplified tax scheme designed for small taxpayers with an annual turnover of up to Rs. 5 Crores. This scheme allows small taxpayers to file their GST returns quarterly instead of monthly, thereby reducing the compliance burden. It was introduced by the Government of India to ease the process of GST compliance for small businesses and make the process more manageable for taxpayers with lower turnover.
Key Features of the QRMP Scheme
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Quarterly Filing of Returns: The QRMP scheme allows small taxpayers to file their GST returns on a quarterly basis rather than monthly. This reduces the frequency of filing, making it easier for businesses to manage their tax returns.
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Monthly Payment of Tax: Although the return filing is quarterly, the payment of GST under the QRMP scheme is made monthly. Taxpayers are required to pay their tax dues on a monthly basis, but the returns are filed on a quarterly basis. This ensures that tax collections are regular, while businesses still benefit from a less frequent filing schedule.
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Eligibility: The QRMP scheme is available for taxpayers with an annual turnover of up to Rs. 5 Crores in the preceding financial year. This makes it an attractive option for small businesses and startups, who would otherwise face the burden of monthly returns.
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Simple Payment Process: For the payment of tax, taxpayers under the QRMP scheme can use the PMT-06 challan, which facilitates the payment of GST on a monthly basis. This system ensures that small businesses do not have to deal with the complexities of monthly return filing, making tax payments more streamlined.
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Return Filing Process: Taxpayers opting for the QRMP scheme will file GSTR-1 (outward supply return) quarterly and GSTR-3B (summary return) quarterly. However, for monthly payments, the taxpayer needs to use GSTR-3B for the monthly tax calculation. This system also provides taxpayers the option to upload invoices and track their tax liability effectively.
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Invoice Upload: Under the QRMP scheme, taxpayers are allowed to upload invoices during the first two months of the quarter. The invoices are then automatically included in the return for the respective quarter. This provides a simplified approach to handling business records and helps avoid last-minute invoice entries.
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Flexibility: Small taxpayers have the option to opt out of the QRMP scheme if they no longer wish to use it. However, they would need to comply with the regular monthly return system if they choose to opt out.
Practical GST Course by SLA Consultants India
SLA Consultants India, located in New Delhi, offers specialized training programs on GST for businesses and professionals. Their Practical GST Course covers in-depth topics like GST return filing, understanding different GST schemes, and GST compliance. This course is specifically beneficial for individuals and businesses looking to gain practical knowledge and understanding of the GST system, including the QRMP scheme.
The Practical GST Course helps participants understand the QRMP scheme, along with the technicalities of GST filing, tax payments, and invoice management. The course is designed to be highly interactive, with real-world examples, case studies, and hands-on experience with GST filing processes, including the use of GST portals for return submission and payments.
The course also covers other important areas such as GST compliance, GST audits, and the recent changes in the GST laws. This is particularly helpful for small business owners in New Delhi and surrounding areas like 110008, who are looking to streamline their tax-related processes and stay compliant with GST regulations.
In conclusion, the QRMP scheme offers small taxpayers a simplified and less frequent process for GST filing while maintaining monthly tax payments. Enrolling in a GST Course in Delhi from SLA Consultants India will provide individuals with the expertise to handle GST returns and taxes efficiently, ensuring their business operations run smoothly under the GST regime.
SLA Consultants Understanding the QRMP Scheme for Small Taxpayers, Get Practical GST Course in Delhi, 110008, by SLA Consultants India, New Delhi Details with “New Year Offer 2025” are available at the link below:
https://www.slaconsultantsindia.com/certification-course-gst-training-institute.aspx
https://slaconsultantsdelhi.in/gst-course-training-institute/
GST Training Courses
Module 1 – GST- Goods and Services Tax- By Chartered Accountant- (Indirect Tax)
Module 2 – Income Tax/TDS – By Chartered Accountant (Direct Tax)
Module 4 – Banking and Finance Instruments – By Chartered Accountant
Module 5 – Customs / Import and Export Procedures – By Chartered Accountant
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