The maze of GST compliance just got a whole lot simpler for small taxpayers, thanks to the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme introduced by the Central Board of Indirect Taxes & Customs (CBIC). Designed specifically for businesses with a turnover of less than Rs. 5 crores, this scheme offers a welcome respite by allowing quarterly filing of GSTR-3B and monthly tax payments. And guess what? Navigating through this scheme is now easier than ever with the user-friendly tools provided by Savingz GST software.
Stay Updated with QRMP: Latest Developments
Keeping up with the ever-evolving landscape of GST compliance is crucial. From updates on filing deadlines to essential announcements, we’ve got you covered:
August 26, 2021: Taxpayers with pending GSTR-3B filings won’t be able to file GSTR-1 or use the IFF for August 2021 on the GST portal. Stay informed to avoid any last-minute hassles.
May 28, 2021: The 43rd GST Council meeting brought significant announcements, including extensions for furnishing B2B supplies on the IFF and interest relief for delayed PMT-06 submissions. Stay tuned for more updates!
Are You Eligible for QRMP?
Wondering if the QRMP scheme is the right fit for your business? Here’s a quick eligibility check:
If your aggregate turnover is up to Rs. 5 crores in the preceding financial year, you’re eligible for QRMP.
However, if your turnover exceeds Rs. 5 crores during any quarter in the current financial year, you’ll no longer be eligible for the scheme from the next quarter.
Opting into QRMP: A Simple Process
Getting started with the QRMP scheme is a breeze. Follow these steps to exercise your option for quarterly filing:
Indicate your preference on the GST portal between the 1st of the second month of the preceding quarter and the last day of the first month of the quarter.
Once you’ve opted for quarterly filing, you’ll continue to file returns every quarter unless you become ineligible or miss a filing deadline.
Making Monthly Tax Payments Made Easy
Navigating monthly tax payments under the QRMP scheme is now a seamless process. Choose between the Fixed Sum Method (FSM) or the Self Assessment Method (SAM) and deposit your tax using form PMT-06 by the 25th of the following month. With clear guidelines and user-friendly tools, meeting your tax obligations has never been simpler.
Conclusion
With the QRMP scheme , navigating the complexities of GST compliance has never been easier. Empower your business with streamlined processes, enhanced efficiency, and peace of mind, ensuring that you stay ahead in today’s dynamic business landscape. Unlock the full potential of your business with Savingz GST software today!
