GST QRMP Scheme-(Nil) for Regular Return

The GST QRMP (Quarterly Return Monthly Payment) scheme is an optional scheme introduced by the Indian government for small taxpayers. Under this scheme, eligible taxpayers can file their GST returns on a quarterly basis, but need to make monthly payments of taxes.

Under the GST QRMP Scheme-(Nil) for Regular Return, small taxpayers who have no tax liability or have only made purchases from suppliers who are registered under the composition scheme are allowed to file a nil GST return on a quarterly basis. These taxpayers are not required to make monthly payments of taxes under this scheme.

To be eligible for the GST QRMP Scheme-(Nil) for Regular Return, the taxpayer must have a turnover of up to Rs. 5 crores in the previous financial year. The scheme is optional and taxpayers can opt-in or opt-out at the beginning of each quarter.

The following are the key features of the GST QRMP Scheme-(Nil) for Regular Return:

Quarterly filing: Taxpayers are required to file a quarterly GSTR-1 and GSTR-3B return, instead of monthly returns.

Monthly payment: Taxpayers are required to pay taxes on a monthly basis, on the 25th of each month. This payment is to be made through the GST portal, and can be made through the Fixed Sum Method or the Self-Assessment Method.

Nil return filing: Taxpayers who have no tax liability or have only made purchases from suppliers who are registered under the composition scheme are allowed to file a nil GST return on a quarterly basis.

Late fee: The late fee for non-filing or delayed filing of the GSTR-1 and GSTR-3B returns is Rs. 50 per day (Rs. 25 for CGST and Rs. 25 for SGST) for each return.

It is important for taxpayers to ensure compliance with the GST regulations and to file their returns and make payments on time. Non-compliance may lead to penalties and additional compliance requirements. It is recommended that taxpayers seek professional assistance to ensure compliance with the GST regulations.