Important update in QRMP scheme | Important for those who have started business in FY 2020-21 | Last date to choose 31.01.2021

written by GST expert | January 31, 2021

The return filing preference can be selected/viewed from the Opt-in for quarterly return page (Services -> Returns -> Opt-in for quarterly return). This page displays the return filing preference for each Financial year starting from 4th Quarter (Jan-Mar) of FY 2020-21.

  • Please select the Financial year from the dropdown and click on Search. All the applicable Quarters along with filing preference for the FY shall be displayed on the page.
  • The Annual Aggregate Turnover (AATO) of the taxpayer in the previous financial year along with the advisory is displayed.  The AATO are displayed under either of one of the buckets: <= ₹1.5 Cr., ₹1.5 Cr. to ₹5Cr. or > ₹5Cr.
  • The taxpayer can select the return filing preference as either Monthly or Quarterly and click on SAVE button to save the preference.
  • The applicable due dates of monthly or quarterly returns  based on the return filing preference are displayed for convenience.
  • The Quarter which is open for selection are highlighted in green with SAVE button and the quarter which is not available for selection is highlighted in grey.
  • The Return filing preference is open for selection for any quarter (Q) and the same is stated in the Selection available between column.

Note: For taxpayers whose AATO is greater than ₹5Cr., the filing preference shall be monthly only, and no option is provided to opt for quarterly return filing.

 

Above is the note for those trying to opt for QRMP scheme, now let’s look at some practical points which needs to be kept in mind.

  • The main motive in this scheme is to make filing of GSTR 3B quarterly.
  • It is not always true that people who were filing quarterly return i.e. quarterly GSTR 1 will be shifted to quarterly return only in QRMP scheme. There is one more condition attached i.e. the aggregate annual turnover in previous year should be less than 1.5 crore.
  • Now the above condition has 2 implication: (1) if turnover in previous year is more than 1.5 crore you will still have to file GSTR 1 monthly as were already filing but your GSTR 3B would be quarterly. (2) If you have started new business in FY 2020-21 then your by default option in QRMP scheme would be monthly even when you were filing quarterly GSTR 1.
  • Hence, those who have started new business in FY 2020-21 should themselves choose quarterly return before 31.01.2021 as that won’t be a by default option.

To sum it up there are three types of return filing in QRMP scheme:

  1. If turnover in FY 2019-20 below Rs. 1.5 crore and you were filing quarterly GSTR 1, then quarterly filing of GST returns and monthly payment.
  2. If turnover in FY 2019-20 above Rs. 1.5 crore but below Rs. 5 crore, then you will file monthly GSTR 1 return and quarterly filing of GSTR 3B and monthly payment.
  3. If turnover in FY 2019-20 above Rs. 5 crore then you cannot opt for QRMP scheme and you will have to file monthly return.

Hence, now those going into QRMP scheme would be filing return like TDS return wherein they’ll make monthly payment of tax if applicable but quarterly filing of return.