Quarterly return monthly payment (QRMP) scheme under goods and service tax: Analysis and discussion
Keywords:
GST, GSTN, QRMP Scheme, Portal, Quarterly, Monthly, IFF, Returns, Fixed Sum Method and Self Assessment MethodAbstract
GST was implemented by Government of India as one indirect tax for whole nation as single tax on the supply of goods and services and was considered as biggest indirect tax reform of Independent India. The main purpose of implementation of GST in India was to replace multiple taxes with uniform tax on supplies and to remove the cascading effect. In order to remove the loopholes and to make the system more efficient and user friendly, the Government of India is continuously hustling to improve Goods and Service Tax Network (GSTN) and updates are being made to the system, provisions and various returns on the portal accordingly from time to time. This new scheme named Quarterly Return Monthly Payment (QRMP) is also the part of said exercise of simplification of process by GOI, introduced w.e.f. 1st January, 2021, in order to lessen the tax compliance burden and to ease the process of filing returns to MSME taxpayers under GST. QRMP Scheme can be availed by eligible registered persons to file their GSTR-1 and GSTR-3B quarterly and pay taxes on monthly basis.
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References
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