/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
To reduce the compliance burden and facilitate ease of doing the business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended a ‘Quarterly Return Monthly Payment Scheme’ which is referred as ‘QRMP Scheme’.
Under this scheme, the businesses having aggregate turnover up to five crore rupees in the preceding financial year will be allowed to furnish return on a quarterly basis along with a monthly payment of tax.
Businesses who opt for QRMP scheme are required to pay the tax due in each of the first two months of the quarter. Business needs to deposit the due amount in FORM GST PMT-06, by the 25th of the following month. Businesses are given 2 options – Fixed sum method and Self-Assessment Method to pay the taxes for the first 2 months of the quarter.
Under the fixed sum method, the portal will pre-fill FORM GST PMT-06 for an amount equal to thirty-five per cent of the tax paid in cash in the preceding quarter, where the return was furnished quarterly. In case of a monthly return, an amount equal to the tax paid in cash in the last month will be pre-filled.
Under the self-assessment method, the taxpayer can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available. The businesses are free to avail either of the two-tax payment methods discussed above for the first 2 months of the quarter.
To facilitate the reflection of B2B supplies that are made during the first month in GSTR-2A and GSTR-2B and allow the recipients to avail the ITC, ‘Invoice furnishing facility (IFF) is made available. This facility is not mandatory and is only an optional facility.
Using IFF, the businesses can upload details of outward supplies between the 1st day till the 13th day of the succeeding month with a maximum cap of 50 lakhs in each month. You are required to upload only those invoices in IFF that you would want considering the ITC implications of your customer.
For the first quarter of the scheme i.e., for the quarter January 2021 to March, 2021, all the registered persons, whose aggregate turnover for the FY 2019-20 is up to 5 crore rupees are auto migrated to QRMP Scheme. Only those businesses who have furnished the return in FORM GSTR-3B for October 2020 by 30th November, 2020, are auto-selected.
In other words, you are by default selected for ‘Quarterly Return Monthly Payment Scheme’ and you need not do anything to opt this scheme. However, businesses are free to opt-out of the scheme if they wish to do so within the time period allowed.
For Jan-Mar’21 quarter, businesses were allowed to opt-out of the scheme from 5th of December 2020 to 31st of January 2021.
Since the window for opting out of QRMP scheme is closed, you will not be allowed to make changes for the January-March’21 quarter. However, you can opt-out for the next quarter i.e., April-June’21. Now, that you cannot change the scheme, you need to file the returns in line with the QRMP scheme as summarized below:
January to March, 2021 is the first quarter of QRMP scheme and if you have not opted out the scheme, the portal may throw errors when businesses try to file the return following the previous process. It's recommended to check and verify the portal for applicability of QRMP scheme, and then file returns/make payments accordingly.
TallyPrime supports the filing of returns under QRMP scheme. Using TallyPrime, you also can upload invoice details to IFF continuously and upload the other details in GSTR-1 at the end of the quarter. Read Uploading to IFF for QRMP Dealers to know more about uploading of invoice details to IFF in TallyPrime.
How to Easily Shift/Migrate Your Data to TallyPrime
Nuts & Bolts of Tally Filesystem: RangeTree
A Comprehensive Guide to UDYAM Payment Rules
UDYAM MSME Registration: Financial Boon for Small Businesses
Understanding UDYAM Registration: A Comprehensive Guide
MSME Payment Rule Changes from 1st April 2024: A Quick Guide