Introduction of QRMP Due Date
The Goods and Services Tax (GST) regime was implemented in India on July 1, 2017, with the aim of unifying the indirect taxation system in the country. Since then, the GST Council has been making efforts to simplify and streamline the GST filing process. The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme is one such initiative aimed at reducing the compliance burden on small taxpayers. In this blog, we will discuss the QRMP due date and everything you need to know about this new GST return filing system.
What is QRMP?
The QRMP scheme was introduced by the GST Council in December 2020. Under this scheme, taxpayers with a turnover of up to Rs. 5 crore can file their GST returns on a quarterly basis instead of monthly. The QRMP scheme also allows taxpayers to pay their GST liability on a monthly basis. This scheme is optional, and taxpayers can choose to opt-out if they wish to.
QRMP Due Date: Under the QRMP scheme, taxpayers need to file their GSTR-1 and GSTR-3B returns on a quarterly basis. The due date for filing GSTR-1 and GSTR-3B returns for taxpayers under the QRMP scheme is as follows:
Quarterly Period Due Date
January to March 30th April April to June 31st July July to September 31st October October to December 31st January
It is important to note that the due date for payment of GST under the QRMP scheme is different from the due date for filing returns. Taxpayers under the QRMP scheme need to pay their GST liability on a monthly basis, by the 22nd of the month following the end of the tax period.
Benefits of QRMP: The QRMP scheme offers several benefits to small taxpayers. Here are some of the key advantages of this new GST return filing system:
- Reduced Compliance Burden: The QRMP scheme reduces the compliance burden on small taxpayers by allowing them to file their returns on a quarterly basis instead of monthly.
- Better Cash Flow Management: The QRMP scheme allows taxpayers to pay their GST liability on a monthly basis, which helps them manage their cash flows better.
- Ease of Filing: The QRMP scheme allows taxpayers to file their returns using an online portal, making it easier and more convenient for them to comply with GST regulations.
Conclusion
The QRMP scheme is a significant step towards simplifying the GST filing process for small taxpayers. The scheme offers several benefits, including reduced compliance burden, better cash flow management, and ease of filing. As a taxpayer, it is important to understand the QRMP due date and comply with the regulations to avoid any penalties or fines.
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Frequently Asked Questions (FAQs)
Q: What is QRMP?
A: The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme is a new GST return filing system introduced by the GST Council in December 2020. Under this scheme, taxpayers with a turnover of up to Rs. 5 crore can file their GST returns on a quarterly basis instead of monthly.
Q: What is the QRMP due date?
A: The due date for filing GSTR-1 and GSTR-3B returns for taxpayers under the QRMP scheme is as follows:
January to March: 30th April
April to June: 31st July
July to September: 31st October
October to December: 31st January
Q: Is the QRMP scheme mandatory for small taxpayers?
A: No, the QRMP scheme is optional. Taxpayers with a turnover of up to Rs. 5 crore can choose to opt-out if they wish to.
Q: What is the penalty for non-compliance with QRMP regulations?
A: The penalty for non-compliance with QRMP regulations is Rs. 200 per day for GSTR-3B returns and Rs. 50 per day for GSTR-1 returns.
Q: What is the due date for payment of GST under the QRMP scheme?
A: The due date for payment of GST under the QRMP scheme is different from the due date for filing returns. Taxpayers under the QRMP scheme need to pay their GST liability on a monthly basis, by the 22nd of the month following the end of the tax period.
Q: Can taxpayers switch from QRMP to monthly filing and vice versa?
A: Yes, taxpayers can switch from QRMP to monthly filing and vice versa. However, they need to do so at the beginning of the quarter.
Q: What are the benefits of the QRMP scheme?
A: The QRMP scheme offers several benefits to small taxpayers, including reduced compliance burden, better cash flow management, and ease of filing.
Q: Can taxpayers under the QRMP scheme claim input tax credit (ITC) on a monthly basis?
A: Yes, taxpayers under the QRMP scheme can claim input tax credit (ITC) on a monthly basis. However, the ITC claimed for a particular tax period cannot exceed the ITC available on invoices uploaded by the suppliers in the same tax period.
