The Central Board of Indirect Taxes and Customs (CBIC) notified the Quarterly Return Monthly Payment Scheme. The Board as an exchange help measure and to additional facilitate the way toward working together, the GST Council in its 42nd meeting had suggested that registered individual having total turnover up to Rs.5 crore might be permitted to outfit return on quarterly premise along with the regularly scheduled payment of tax, with impact from January 1, 2021. The government has given different notices to execute the Scheme of quarterly return filing along with the Quarterly Return Monthly Payment Scheme (QRMP Scheme).
The CBIC while expressing the eligibility for QRMP Scheme said that a registered individual who is needed to outfit a return in FORM GSTR-3B, and who has a total turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. It is explained that the total annual turnover for the previous financial year will be calculated in the common portal considering the subtleties outfitted in the profits by the citizen for the tax periods frames in the former financial year.
In order to exercise this option, the registered person must have furnished the last return, as due on the date of exercising such an option.
For example, a registered person intending to avail of the Scheme for the quarter ‘July to September’ can exercise his option from 1st of May to 31st of July. If he is exercising his option on 27th July for the quarter (July to September), in such case, he must have furnished the return for the month of June which was due on 22/24th July. The CBIC explained that registered people are not needed to practice the option each quarter. Where such an alternative has been practiced once, they shall continue to furnish the return as per the selected option for future tax periods, unless they revise the said option.
For each of the first and second months of a quarter, such a registered individual will have the facility (Invoice Furnishing Facility-IFF) to outfit the subtleties of such outward supplies to an enrolled individual, as he may consider necessary, between the first day of the succeeding month till the thirteenth day of the succeeding month. The subtleties of outward supplies will, be that as it may, not surpass the estimation of fifty lakh rupees in each month. It very well might be noticed that after the thirteenth of the month, this facility for outfitting IFF for the earlier month would not be accessible.
As a help measure, consistent transfer of invoices would likewise be provided for the registered people wherein they can save the invoices in IFF from the first day of the month till the thirteenth day of the succeeding month. The facility of outfitting subtleties of invoices in IFF has been given to permit subtleties of such supplies to be appropriately reflected in the FORM GSTR-2A and FORM GSTR-2B of the concerned recipient. It is reiterated that said office isn’t obligatory and is just an optional facility made available to the registered people under the Quarterly Return Monthly Payment (QRMP) Scheme.
The Late fee is applicable for delay in the outfitting of return/subtleties of outward supply according to the provision of Section 47 of the CGST Act. According to the Scheme, the prerequisite to outfit the return under the stipulation to sub-section (1) of Section 39 of the CGST Act is quarterly. As needs are, a late fee would be applicable for delay in the outfitting of the quarterly return or subtleties of outward supply. It is explained that no late tax is applicable for delay in the installment of assessment in the initial two months of the quarter.