QRMP scheme means the business which turnover below or up to 5 crore in preceding financial year no need to file GST Returns GSTR-1 & GSTR-3B on Monthly Basis.
But, to facilitate the reflection of B2B supplies that are made during the first month and second month in GSTR-2A and GSTR-2B and allow the customer avail the Input Tax Credit IFF (Invoice furnishing facility) will be available on GST portal. This facility is not mandatory and is only an optional facility.
Using IFF, the taxpayer can upload details of outward supplies between the 1st day till the 13th day of the succeeding month with a maximum cap of 50 lakhs in each month. You are required to upload only those invoices in IFF that you would want considering the ITC implications of your customer.
The IFF can be utilized only for the first two months of a quarter. The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only.
The Invoice Furnishing Facility will come into effect from 01.01.2021
How to made monthly GST payment under QRMP (Quarterly Return Monthly Payment) Scheme?
The taxpayer must deposit tax using form GST PMT-06 by the 25th of the following month, for the first and second months of the quarter. The taxpayers can pay their monthly tax liability through can choose any mothed of below
1.Fixed Sum Method
2. Self-Assessment Method.
1. Fixed Sum Method
The taxpayer must pay an amount of tax mentioned in a pre-filled challan in the form GST PMT-06. The Pre-filled challan auto filled on the basis on last month or quarter GSTR-3B.
Who furnished GSTR-3B quarterly for the last quarter 35% of tax paid in cash
Who furnished GSTR-3B monthly during the last quarter 100% of tax paid.
2. Self-Assessment Mothed
The Self-Assessment Mothed based on the existing method where a taxpayer can pay the tax liability by considering the tax liability on inward and outward supplies and the input tax credit available.
What is the Interest base on QRMP Scheme?
If the taxpayer Tax liability not paid or less paid which mentioned in pre-filled form GST PMT-06 by 25th of the following month if taxpayer using Fixed Payment mothed.
If Taxpayer paid tax under Self-Assessment mothed the tax liability must be paid on or before 25th of the following month.