The government has introduced a scheme for filing quarterly returns and monthly payment of taxes (QRMP) for small taxpayers under the Goods and Services Tax (GST) system. Taxpayers whose annual turnover has been up to Rs 5 crore in the last financial year and who have submitted their October GSTR-3B (sales) returns by 30 November 2020 are eligible for this scheme.
In the GST Council meeting, it was said that registered people doing business up to five crore rupees can be allowed to file their returns on quarterly basis from January 1, 2021 and make tax payments on monthly basis. The QRMP scheme has been introduced on December 5.
This will provide taxpayers with a turnover of Rs 5 crore to file their GSTR-1 and GSTR-3B returns on a quarterly basis from January-March. Taxpayers can fill GST equal to 35 per cent of the net cash liability of self-assessment of monthly liabilities or previous filed quarterly GSTR-3B returns through invoices every month. Quarterly GSTR-1 and GSTR-3B returns can also be submitted through SMS.
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