Giving relief to the small taxpayers, the Government of India on December 5, 2020 launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme under GST system.
Who are eligible?
- Taxpayers with aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme.
- Now, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
- As many as 94 lakh registered GST taxpayers can opt in for the new Quarterly filing of Return with Monthly Payment (QRMP) Scheme.
- The small taxpayer, from January 2021 onward, would need to file only 8 returns (4 GSTR-3B and 4 GSTR-1 returns) instead of 16 returns at present in a financial year.
