QRMP (Quarterly Return Monthly Payment) scheme means the business which turnover below or upto 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