CBIC had introduced the QRMP scheme in the last quarter of FY 2020-21 wherein assessee’s had first time opted for QRMP scheme and understood it’s functionality.
A brief about QRMP scheme is that one has to pay tax on monthly basis and has to file GSTR 1 and GSTR 3B only once for the quarter. It can be compared with TDS system under Income tax.
The only difference is that under QRMP you can choose every quarter whether you want to file GST return quarterly or monthly.
Taxpayers whose turnover in last Financial year is below Rs. 5 crore can opt for QRMP scheme.
As discussed in earlier post now the option to choose for QRMP scheme is available on the dashboard of your GST profile.
If you had filed return in previous quarter under QRMP scheme your by default choice for this quarter would also be to file return under QRMP scheme.
However, if you have received new registration this financial year. then you have to choose QRMP scheme and you won’t get it by default.
Many people are still not satisfied with the QRMP scheme as still they have to do all the working to calculate tax payable as they don’t prefer paying 35% of tax payment of previous quarter under pre calculated tax.
In the end it is upto you whether you liked to functionality of QRMP scheme or not.
Today is the last date if you wish to choose QRMP scheme for first quarter of FY 2021-22.