Under the GST system, the government has unveiled the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers.
Eligibility: Taxpayers with aggregate turnover of up to Rs. 5 crore in the previous fiscal year and those who have filed their return by November 30, 2020 are eligible for this scheme.
And as per the schema, registered taxpayers can file quarter returns and submit monthly tax with effect from January 1, 2021. With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
And the GST payment can be made via challan on a month on month basis either by self-assessment of monthly liability or 35% of net cash liability of previous filed GSTR-3B of the quarter. Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.
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