CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 23 Mar 2024 07:45:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Making Tax Payments Under the QRMP Scheme: Step-by-Step Guide https://www.nyca.in/making-tax-payments-under-the-qrmp-scheme-step-by-step-guide/ https://www.nyca.in/making-tax-payments-under-the-qrmp-scheme-step-by-step-guide/#respond Mon, 18 Mar 2024 05:42:06 +0000 https://www.nyca.in/?p=7599 The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme, initiated by the CBIC from January 1, 2021, aims to ease the compliance burden for small taxpayers. This guide outlines the process for tax payment during the initial two months of the quarter for taxpayers filing quarterly GSTR-3B.

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Understanding the QRMP Scheme

The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme, initiated by the CBIC from January 1, 2021, aims to ease the compliance burden for small taxpayers. This guide outlines the process for tax payment during the initial two months of the quarter for taxpayers filing quarterly GSTR-3B.

Understanding the QRMP Scheme

The QRMP scheme allows registered taxpayers with an aggregate annual turnover of up to Rs. 5 crore to opt for filing GSTR-3B quarterly while making monthly tax payments. This reduces the frequency of returns to eight annually, streamlining the process for small taxpayers.

Invoice Furnishing Facility (IFF)

Invoice Furnishing Facility (IFF) is available under the QRMP scheme, enabling taxpayers to upload sales invoices monthly on the GST portal. This facilitates timely input tax credit (ITC) for GST-registered buyers, ensuring they utilize eligible credits promptly.

Due Dates for Payments Under the QRMP Scheme

Taxpayers under the QRMP scheme must pay taxes for the initial two months of the quarter by the 25th of the subsequent month. For instance, taxes for February 2021 (Month 2) are due by March 25, 2021.

Methods of Payment

Taxpayers can choose between two payment methods:

  • Fixed Sum Method: Pay 35% of the previous month's tax payment reflected in Form GST PMT-06.
  • Self-Assessment Method: Determine actual tax liability considering available input tax credit (ITC) and pay using Form GST PMT-06.

Interest Applicability

Interest is levied if payments are not made on time or if GSTR-3B filings are delayed.

Steps to Make Tax Payments

  • Log in to the GST portal and navigate to Dashboard > Payments > Create challan.
  • Select 'Monthly payment for quarterly return' as the reason for challan.
  • Choose between the '35% challan' or 'Challan on self-assessment basis' option based on the preferred payment method.
  • Generate the challan accordingly.
  • Pay the challan using the preferred mode of payment.

Note: Tax payments during the first two months of the quarter are unnecessary if the electronic cash/credit ledger balance covers the tax due or if there is a nil tax liability.

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