Small taxpayers can now opt for the QRMP scheme. Let’s learn more about it.
Who is eligible for the QRMP scheme?
A registered person who has an aggregate turnover of up to Rs. 5 Crores in the preceding FY is eligible for the QRMP Scheme. Further, in case the aggregate turnover exceeds Rs. 5 Crores during any quarter in the current FY, the registered person shall not be eligible for the scheme from the next quarter.
The quarterly GSTR-3B filing option will be available from 1st January 2021 onwards and this scheme is optional and can be availed based on GSTIN.
How to make monthly tax payments under the QRMP scheme?
The taxpayer has to 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 either in the Fixed Sum Method (FSM) or Self Assessment Method (SAM).
Fixed Sum Method (FSM):
The taxpayer must pay an amount of tax mentioned in a pre-filled challan in the form GST PMT-06 for an amount equal to 35% of the tax paid in cash.
Self Assessment Method (SAM):
This is 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. The taxpayer has to manually arrive at the tax liability for the month and has to pay the same in form GST PMT-06.
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