Narendra Modi Government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) a new scheme for small taxpayers. Taxpayers with an aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30.
And as per the scheme, registered taxpayers can file quarter returns and submit monthly tax with effect from January 1, 2021. With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning the January-March period.
The GST payment can be made via challan on a month on month basis either by self-assessment of monthly liability or 35% 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.
Issuing a set of FAQs on 'Vivad Se Vishwas' scheme, the Central Board of Direct Taxes (CBDT) also said the scheme cannot be availed in a case where proceedings are pending before the Income Tax Settlement Commission (ITSC) or where the writ has been filed against the order of ITSC.