QRMP - Quarterly Return Monthly Payment Scheme

Registered person having aggregate turnover up to five 5 Cr may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021.

GSTR-1

• Quarterly return filers can file their first and second month B2B invoices in Invoice Furnishing Facility (IFF) from 1st - 13th of the succeeding month in next qtr
• Total value for such B2B invoices is capped to 50 lakhs per month
• No need to report invoices again in GSTR-1 if already reported in IFF
• Due date of GSTR-1 for quarterly filers is 13th of 1st month in next quarterHSN/SAC codes
• HSN shall be mentioned mandatorily in GSTR-1 for Turnover   < 5 Cr- 4 digit &  > 5 Cr- 6 digit

GSTR 2A & 2B

Form GSTR 2B Notified : FORM GSTR-2B for the month (Feb) will consist of all the documents filed by suppliers who choose to file their FORM GSTR-1 monthly  from 00:00 hours on 12th of previous month (Feb) to 23:59 hours on 11th of current month (Mar). 

Person filing Quarterly GSTR 1 The invoices reported in IFF (Invoice Furnishing Faciity) shall be made available to recipient in their GSTR-2A & 2B , GSTR 4A & GSTR 6A

GSTR-3B – Circular 143/2020 (Quarterly Return Monthly Payment  – QRMP Scheme)

Due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if Turnover  > 5 Cr
registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 Cr in the preceding  FY, is eligible for the QRMP SchemeFor Qtr Jan 21-Mar 21 tax payers who have filed Oct 20 return till Nov 20 will be automatically migrated as per below table

The default option may change on the common portal, during the period from the 5/12/2020 to 31/01/2021

Quarterly return filers shall deposit tax in electronic cash ledger on or before 25th of next month for first and second months in PMT 06 by following two methods. 

• Fixed Sum Method - 35% of the tax liability in preceding quarter return, no interest charged  if the tax liability is higher than 35% calculation for the first two months
• Self Assessment Method : Person can calculate tax liability basis on inward and outward supply , If tax liability is found higher than the tax paid in than interest would be payable from the due date of PMT 06   Quarterly filer required to file GSTR 3B on quarterly basis on or before 22nd or 24th of the next month succeeding such quarterITC 04 (Notification 87/2020)

Due date for filing ITC-04 (Job worker return) for the period July 2020 to September 2020 is extended to 30th November 2020 E-invoicing (Notification 88/2020)

E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate turnover  exceeds 100 Cr