QRMP Scheme (Quarterly Return & Monthly Payment Scheme)- An Overview

To Help small businesses with turnover not being more than RS. 5 Crores, the Central Board of Indirect Taxes & Customs (CBIC) introduced a new element under the Goods and Services Tax (GST) namely the Quarterly Return and Payment of Taxes (QRMP) scheme. Under The QRMP Scheme, Taxpayers are enabled to file GSTR-3B return on a quarterly basis while paying tax every month. Furthermore, the case is the same for GSTR-1 as well where taxpayers file it on a quarterly basis.

Eligibility Criteria for QRMP Scheme:

A person who is registered will be eligible for QRMP Scheme if they are required to furnish GSTR-3B and have a turnover of up to RS. 5 Crores in the previous Financial Year. However, in the case where aggregate turnover exceeds the limit of RS. 5 Crore during any of the quarters in the ongoing financial year, then the registered taxpayer shall cease to be eligible for QRMP Scheme from the upcoming Quarter. 

It is stated that the Annual turnover of the previous financial year must be calculated via the common portal taking into consideration the furnished details in the returns by the taxpayer for the duration of tax payable in the previous financial year.

The QRMP Scheme for the quarterly filings of Returns was available w.e.f January 1st 2021. The option to avail of this scheme is optional and can be availed on the basis of GSTIN.

Taxpayers to whom QRMP would be Available:

Firstly, the QRMP scheme is not available to every Taxpayer. This Scheme Could only be availed of by those taxpayers who are liable to file GSTR-1 and GSTR-3B Returns and be available to be opted by:

• A Registered Taxpayer i.e; Normal Taxpayer, SEZ developer, SEZ unit
• A person who has applied for a fresh registration as a Normal Taxpayer
• Taxpayers opting out of the composition Scheme

Note: The scheme is not available for taxpayers whose Annual aggregate turnover (AATO) is more than ₹ 5 Crores.

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