Taxpayers up to Rs 5 cr turnover can avail QRMP scheme from Jan 1, says Finance Ministry

The Finance Ministry on Tuesday highlighted the economic reforms for growth and development of the country. It said that from January 2021, taxpayers up to the turnover of Rs 5 crore will have the option of filing a quarterly Goods and Service Tax Returns (GSTR) under QRMP Scheme i.e. Quarterly Returns Monthly Payment Scheme.

In a series of tweets, the Ministry highlighted the reforms brought in the year 2020.

"Roll out of QRMP-Quarterly Return Monthly Payment scheme. W.E.F 01st January 2021, taxpayers upto the turnover (AATO) of Rs. 5 Crore will have the option of filing a quarterly GSTR-3B & GSTR-1," it said in a tweet.

"From 1st April, 2019, all Composition Taxpayers were given facility to file return annually through Form GSTR-4," it added.

The Ministry attaching a picture in the tweet said, to help the trade and industry in Jammu and Kashmir and Ladakh, the Central government extended the date to avail Legacy Dispute Resolution Scheme.

"To facilitate eligible Taxpayers, the period for availing Sabka Vishwas (Legacy Dispute Resolution) Scheme, has been extended for the newly formed UTs - J&K and Ladakh till 31st December, 2020," the Ministry said in the tweet.

The Finance Ministry further highlighted that in 2020, the Central Board of Indirect Taxes and Customs (CBIC) introduced, 'Turant Customs', which is Faceless, Contactless and Paperless clearance processes with an aim of faster clearance of goods, reduced interface between trade & Customs officer and enhanced ease of doing business.

The Ministry in another tweet said that, "Government's In-Bond Manufacturing Scheme has been instrumental in attracting investment and supporting @makeinindia programme for Sustainable Indian Economy."

( With inputs from ANI )