GST QRMP scheme: In this scheme, return filing is done on quarterly basis, though tax has to be deposited every month.
Sales information is given through GSTR-1.
It has been almost four years since the implementation of GST. During this time, 44 meetings of the GST Council have been held and its rules were relaxed after every meeting. Barring a few aspects, there has been a lot of cohesion between the businessman and the tax department. The Income Tax Department started the QRMP (Quarterly Return Filing and Monthly Payment of Taxes) with a view to making small traders easier in filing returns.
In this scheme, return filing is done on quarterly basis, though tax has to be deposited every month. Small traders are also benefiting from this scheme. In this article, we will know everything about the QRMP scheme. The scheme was launched on 1 January 2021. If the turnover of a trader has been less than 5 crores in the last financial year, then he can take advantage of this scheme. If the turnover crosses 5 crores in any quarter, then he cannot take advantage of it in the next quarter.
Informs the government about monthly sales through GSTR-1
In this article, GSTR-3B, GSTR-1 will be mentioned again and again, then tell us that through GSTR-1, you tell the government every month how many sales you have made. This is called sales return whereas in GSTR-3B you also show the purchase and collect the remaining tax by taking the benefit of input tax credit. Every month’s tax has to be deposited by the 25th of the following month. This means that the amount of tax payable in the month of January can be deposited by the 25th of February.
Tax is deposited in two ways
The tax calculation is done in two ways in the QRMP scheme. If your business remains at almost normal level every month, then in the first quarter, 35% of the tax you have deposited in the first month, in the second month will also deposit 35% and in the third month, collect the rest of the tax with GSTR-3B. Will give If your business is regional, meaning the turnover is different for different months, then we can collect tax on the basis of self assessment. However, if the tax is less than the monthly liability, then there is also interest.
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