In order to reduce the tax compliance burden on small taxpayers, the QRMP scheme was introduced to provide an option of filing the GST Returns, such as GSTR-1 and GSTR-3B, on a quarterly basis while continuing to pay the GST Liability on a monthly basis. The QRMP scheme is available for taxpayers with an annual turnover of up to five crore rupees. The important points of the QRMP scheme are as under

GST is levied on the supply of goods and services. To follow various provisions under the GST, the taxpayers are required to file periodical GST Returns. The returns under GST contain the details of supplies made, a statement of input tax and outward GST payable, and details on how GST liability is discharged. Based on the type of the taxpayer and the nature of transactions, various returns under GST may be required to be filed. Our accountants and tax filers analyse the requirements of GST Filing and do what is necessary. The virtual CFO packages take care of all the compliances relating to GST.

The taxpayer is expected to file the applicable GST Returns within their due dates to ensure free flow of credit in the tax system. However, the delayed filing of GST Returns is allowed subject to the late fee. In the case of NIL GST Returns, the late fee is Rs. 20 for each day of delay, and for Non-NIL Gst returns, the late fee payable is Rs. 50 per day. There is an upper cap on the late fees to reduce the burden of recurring Late Fees on small taxpayers.