QRMP

QRMP stands for Quarterly Return filing & Monthly Payment of Taxes and pertains to payment of Goods and Service Tax. It is a scheme recently launched by the Government of India. The aim of the scheme is to bring small taxpayers into the GST system.

Taxpayers who gave an aggregate turnover of Rs 5 crore and have filed their October GST return by 30th November are eligible for this scheme. If the turnover of the taxpayer exceeds Rs 5 crore in any quarter of the fiscal year then the person will not be eligible for the scheme.

Key Points

  • In this scheme, taxpayers with an aggregate turnover of Rs.5.00 crore for the last financial year, can file GST returns on a quarterly basis.
  • But, the payment of GST has to be made on a monthly basis by such business enterprises. This scheme would come into force from 01.01.2021.
  • The payment can be done through challans by self-assessment of the liability or by paying 35% of the net cash liability of the previous quarter.
  • The quarterly GST returns can also be filed through an SMS.
  • This decision has been made during the GST council meeting that took place during the months of October.
  • This is expected to reduce the burden of GST filing by small traders and enhance the ease of doing business in the country.

Goods and Services Tax

GST i.e. Goods and Services Tax is an indirect tax that is applicable on the supply of goods and other services in India. The tax was introduced in the year 2017 and it replaced almost all indirect taxes. It has different tax slabs for the collection of taxes. The goods and commodities have been divided into categories and then slab wise tax is applied. Tax slabs are 0%, 5%, 12%, 18% and 28%.

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