How to opt for QRMP Scheme / Change profile for QRMP Scheme ?
Table of Content :
Now a days, the CBIC (Central Board of Indirect Taxes & Customs ) Department make changes in GST system day-by-day. Recently a new scheme i.e. QRMP (quarterly Returns and Monthly Payments) scheme was introduced by the department. For doing ease of business all of us need to stay updated with department amendments .Click here to know more about QRMP scheme in a simple a questionnaire manner.
I. To opting for QRMP scheme or change the profile for filling the returns quarterly as per QRMP (Quarterly Returns and Monthly Payments ) scheme, you need to perform the following steps :
1. Go to the official website of GST Returns and login to the portal with proper login credentials.
Click the Services > Returns > Opt-in for Quarterly Return option.
3.The following details are displayed on the screen.
• Quarter: Lists the four quarters of the selected financial year.
• Selected Frequency: Displays the option of Monthly and Quarterly that can be selected for the quarter. The Quarter which is open for selection is highlighted in green with SAVE button and the quarters which are not available for selection is highlighted in grey. For FY 2020-21 only one quarter will be open for selection and the remaining quarters will not be open.
• Action: Displays the SAVE button against the quarter for which the selection is applicable.
• Selection available from: Displays specific dates of the quarter during which the selection is made available from.
• Applicable return due dates for Form GSTR-1 and Form GSTR-3B forms: Displays the return due dates applicable for month 1, month 2 and month 3 of a quarter.
Notes
i) To perform any task in the return’s dashboard, for example, to refer to Form GSTR-1 or Form GSTR-3B, you can click CONTINUE TO RETURNS DASHBOARD button.
ii) The Annual Aggregate Turnover (AATO) of the taxpayer in the previous financial year is displayed.
iii) Click on HELP button if you have any doubt regarding the Annual turnover.
4. To change the filing frequency to Monthly or Quarterly, select the radio button corresponding to the quarter and click the SAVE button, to save the preference.
Note :-The quarterly filling option will not be available for the taxpayers , whose aggregate annual turnover (AATO) is greater than Rs.5 Cr.
5. A confirmation massage will be displayed on the screen , when the taxpayer selects the filling frequency for the returns as Quarterly as well as monthly.
6.A success message is displayed that confirms the successful change of profile / return filling frequency to the selected filling frequency. Click the OK button.
7. On clicking the OK button , the screen displays, the filling frequency has been set and the SAVE button is disabled.
8. Once the taxpayer opts in or opts out of the QRMP scheme , an E-mail and SMS is sent to Primary Authorized Signatory taxpayer.
II. Invoice Furnishing Facility (IFF)
What is IFF ?
- Invoice Furnishing Facility(IFF) is an optional facility made available as per Rule-59(2) of the CGST Rules, 2017.
- This is provided for those quarterly taxpayers who want to pass on input tax credit (ITC) to their recipients (buyers/customers)in first two months of a quarter.
- Since IFF is an optional facility, it poses no additional compliance burden.
- It is a facility for those quarterly filers who intend to pass ITC to their recipients in first two months of the quarter.
- It may be noted that since IFF is an optional facility, IFF for a month will expire after the due date of 13thof next month, and cannot be filed after this date.
- Those taxpayers who do not have to pass credit to their recipients need not file IFF in the first two months of the quarter. They may declare their outward supplies in the quarterly FORM GSTR-1.
