Aurangabad, Jan 14:
The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) has been introduced to help small taxpayers whose turnover is less than Rs 5 crores. The implementation of the scheme has started to provide its benefits to the taxpayers in the district.
Previously, taxpayers had to pay GST by submitting the required bills every month. A fine of Rs 100 per day was levied for non-filing of tax returns and documents. The economic blow was felt by a large number of traders. Many times there were delays in getting bills from traders in rural areas. Due to non-payment of bills, there were many difficulties in paying GST. However, this scheme will facilitate a lot of GST taxpayers who wish to file their return quarterly. The scheme will ease the burden of the taxpayers as they are not required to file their GSTR 3B and GSTR 1 on monthly basis. The scheme also allows the taxpayers to file GSTR-3B every quarter and pay tax every month. This will make 8 returns in total for a small taxpayer. A registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP scheme
Features of the scheme
- The taxpayers up to Rs 5 crore turnover will have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
- Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter.
- Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.
Implementation should be effective
The scheme has just begun. The scheme should be implemented in a proper manner to extend the benefits of the scheme to the eligible taxpayers. The success of the scheme will depend on the taxpayers experiencing the benefits of the scheme.