QRMP Scheme: Definition, Quarterly Filing Dates, and Expert Tips!
Every evolving compliance landscape demands efficiency and simplicity at every stage- especially for startups and medium-sized businesses. To align with these GST compliance requirements, the Indian government introduced the QRMP scheme (Quarterly Return Filing and Monthly Payment Taxes). This game-changing initiative under GST strikes the perfect balance between regulatory compliance and operational ease.
The QRMP scheme allows businesses with turnover up to ₹5Cr to file GSTR-3B returns every quarter ensuring monthly tax payment continues. It’s not just a procedural shift but is a strategic move to streamline the way of doing business, enhance cash flow, and improve compliance.
Let’s scroll below to understand what is QRMP scheme, its benefits, eligibility criteria, due dates and more:
What is QRMP Scheme?
The QRMP full form – Quarterly Return Filing and Monthly Payment of Taxes.
CBIC i.e. the Central Board of Indirect Taxes and Customs rolled out the Quarterly GST Return Scheme for effortless compliance. It allows the registered individuals with an yearly aggregate turnover of up to ₹5Cr in the precedent financial year to:
- Quarterly File GSTR-3B rather than monthly
- Monthly tax payment through a simple challan
- Invoice Furnishing Facility
- Switch in or Out of the Scheme Every Quarter
GSTR-3B Due Date For Quarterly Return Filing!
What if You Fail to File Returns on Time?
Missing the GSTR-3B due date for quarterly return leads to taxpayers imposed with overdue charges or penalties! Check out late fees per day for delay!
| Act Name | Late Fee Per Day | Late Fee Per day for NIL Returns |
|---|---|---|
| CGST | ₹25 | ₹10 |
| SGST | ₹25 | ₹10 |
| IGST | ₹50 | ₹20 |
Who is Eligible for the GST QRMP Scheme?
- A registered taxpayer with an aggregate turnover of up to ₹5Cr and who needs to submit GSTR-3B returns for the previous financial year.
- The cumulative annual revenue for the preceding financial year is computed on GSTN by evaluating the details shared in the returns for the former year’s tax periods.
Quick Steps to Get Started with the QRMP Scheme
- A GST licensed individual intending to submit GSTR-3B form every three months should select the same on the GSTN portal starting from 1st of the 2nd month.
- Let’s consider, you have opted for the QRMP scheme and want to file quarterly returns for April –June 2025. You need to choose quarterly filing on the GSTN portal between 1st February to 30th April 2025.
- Once you have selected to submit a GSTR-3B form every quarter, you need to be consistent for all the approaching tax periods. You can be exempt from filing returns only if the below conditions apply.
- If the taxpayer is ineligible i.e. the cumulative yearly turnover is more than ₹5Cr during the quarter, then he will be forbidden from filing returns for all the upcoming quarters. In such a scenario, the GST registered individual should submit GSTR-3B returns for each month.
If the registered taxpayer fails to submit quarterly returns on the GSTN portal before the deadline, he stands ineligible to file GSTR-3B under the QRMP scheme.
Input Tax Claims under QRMP Scheme GST
Claiming Input Tax Credits under the QRMP Scheme GST isn’t different from taxpayers who don’t opt for the scheme. Taxpayers leveraging a self-assessment strategy to compute tax payments for the 1st and 2nd month of the quarter can consider the available ITC based on form 2B of GSTR. The GST registered individuals are required to make the pending payment of GST liabilities in cash.
GSTR-2B for a specific quarter is generated on 14th of the month succeeding the quarterly tax period post filing GSTR-1 in that quarter. So, the dealers who team up with vendors choosing the QRMP scheme should make a note of ITC claims under GSTR-2B quarterly returns.
Interest Rates Applied Under QRMP Scheme GST!
Below given interest rates are computed based on Fixed Sum Method of tax payment. It is also termed as 35% challan method- Let’s scroll down to the table!
| Sr. No. | Scenario | Interest Applied |
|---|---|---|
| 1 | Tax obligations given in the form GST PMT-06 which auto-populated and is paid by the the 25th of the following month | NIL |
| 2 | Tax liabilities outlined in GST PMT-06 which pre-set and is unpaid by 25th of the following month | 18% of the liabilities applied from the 26th of the month until the payment is made |
| 3 | The final tax debts of the 1st and 2nd month is less than or equal to taxes paid through GST PMT-06 | NIL |
| 4 | The final tax obligations for the 1st and 2nd months is more than the tax paid using the form GST PMT-06. This additional debt should be paid within the GSTR-3B due date for the quarter. | NIL |
| 5 | The concluding tax liability for the 1st and 2nd months is more than the amount paid through pre-filled GST PMT-06 form. This additional liability is unpaid within the GSTR-3B filing due date for the quarter. | 18% of the tax liability is levied from the specified GSTR-3B filing deadline until the payment is done. |
5 Expert Tips for Taxpayers to Benefit From the QRMP Scheme!
- Monitor your turnover closely, ensuring it doesn’t cross ₹5Cr for the Quarter.
- Leverage Invoice Furnishing Facility (IFF) during the first two months of the quarter to eliminate ITC claim delays. IFF refers to a service that allows GST registered officials under the QRMP scheme to upload B2B invoices for the first two months of the quarter for their recipients to claim ITCs on-time.
- Get along with the Correct tax Payment Method:
- Fixed Sum Method (FSM) – If your monthly tax liabilities are stable.
- Self-Assessment Method (SAM)- If your sales vary significantly
- Don’t forget PMT-06 payments which are to be made each month by the 25th of the next for the first two months of the quarter. PMT-06 is termed as a challan leveraged by QRMP tax paying individuals to make monthly GST due payments for the first and second month of every quarter.
- Leverage GST Return Filing Software or consult a tax professional for help!
Let’s Conclude!
QRMP Scheme is a quarterly return filing and monthly payment method for taxpayers with aggregate turnover up to ₹5Cr for the quarter. For taxpayers planning to opt for QRMP, this guide is a must-read! Follow expert tips above like monitoring your turnover, using appropriate tax payment methods, and leveraging GST Return Filing software! Shoot your queries below, and we will answer them.
FAQs
1. What is GSTR-1 Due Date for Quarterly Return?
The GSTR-1 due date for quarterly returns is the 13th of the month after the quarter.
2. What is the turnover limit for quarterly returns under the QRMP scheme?
The aggregate turnover of the registered taxpayer should be less than or equal to ₹5Cr to opt for the QRMP scheme.
3. What is the Fixed Sum Method in the QRMP scheme?
The fixed Sum method in the GST QRMP scheme refers to the strategy where a taxpayer should pay the tax amount reflected in the pre-filled challan GST PMT-06 (based on the previous taxes paid). This accounts for the amount, which equals 35% of tax payments done in cash.
4. Is IFF mandatory for Taxpayers?
IFF is optional and is provided only to the taxpayers submitting quarterly returns.
