Quarterly Filing of GST

Jan 27, 2024
Quarterly Filing of GST

The Indian government introduced the QRMP plan to simplify small company taxpayers' returns filing procedure. But how? Let’s understand in detail:

To assist small taxpayers with a turnover of less than Rs. 5 crore, the CBIC or Central Board of Indirect Taxes & Customs launched the QRMP system or Quarterly Return Filing and Monthly Payment of Taxes under the Goods and Services Tax (GST). Through the QRMP program, taxpayers may pay taxes monthly and submit GSTR-3B every quarter.

Let's get to know more.

How does the GST Structure work?

The present GST structure has four tax slabs: 0%, 5%, 12%, 18%, and 28%. Things under the 18% slab may eventually be shifted to the 12% or 28% slab, and the 18% slab may be deleted. A further alternative is combining the 28% and 18% tax slabs to form a single, higher tax bracket.

GST Registration:

Any day in the first month of a quarter that registration is approved for will allow the participant to choose the QRMP plan immediately. For instance, a person whose GST registration was approved until January 31, 2021, can choose to participate in the QRMP Scheme starting on January 31, 2021, and ending on March 31, 2021.

Maintain Records:

Regularly completing GST returns helps ensure that financial records are correct and current. This openness facilitates better financial management, audits, and decision-making. Whether choosing quarterly or monthly reporting, firms have better access to their financial information.

Collect GST on Sales:

The seller or firm collects and sends the GST component to the government. In some nations, it is also known as value-added tax or VAT. Most GST-implementing countries have a single, unified GST system, meaning a single tax rate is used nationwide.

Input Tax Credit (ITC):

The GST paid by a registered person on acquiring products or services used to advance business operations is an input tax credit. The input tax credit might mitigate the registered person's GST obligation on the provision of goods or services.

Get your quarterly returns ready:

Under the Quarterly Returns with Monthly Payment (QRMP) Scheme, qualified taxpayers submit their Form GSTR-1 and Form GSTR-3B returns every quarter with GST filing software and use a challan to pay their taxes owed each month.

GST Return filing:

You may upload invoices for the first two months of a quarter using the Invoice Furnishing Facility (IFF) under the QRMP program. You have until the thirteenth of the following month to provide information about your out-of-country supply to a registered individual each month. For the last month, GSTR-1 must be submitted.

GST Payment:

The taxpayer must use form PMT-06 to deposit tax by the 25th of the next month for both the first and second months of the quarter. The taxpayers have two options for paying their monthly tax liability: The Self Assessment technique (SAM) or Fixed Sum Method (FSM) (35%) Challan strategy.


It would facilitate directly transferring B2B documents from the Invoice Furnishing Facility to the quarterly GSTR-1 report. Furthermore, it becomes increasingly important to reconcile the IFF, sales register, and GSTR-1. Additionally, under the QRMP plan, the taxpayer must choose between the Fixed Sum/35% Challan Method and the Self-assessment Method each month to pay taxes.

Audits and Compliance:

Every registered company must submit monthly, quarterly, or annual returns. The nature of the company activity mainly determines how often returns occur. Online filing (a GST return filing software can be useful) of the GST returns is necessary and must be done via the Returns portion of the GST website.


The QRMP scheme's biggest benefit is quarterly GST return submission, which reduces the cost and hassle of submitting returns. This makes the strategy very beneficial and suitable for small businesses. Monthly return filing requires the taxpayer to compute and prepare his returns each month, reducing the likelihood of errors. Thus, the QRMP system is ideal for organizations with simple transactions and honest tax computation. It's far greater than supplier-buyer conflicts gathered in three months.

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