GST QRMP vs Non-QRMP Brief Analysis

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CA Mayur J Sondagar | Jul 26, 2021 | Views 1083042

GST QRMP vs Non-QRMP Brief Analysis

GST QRMP vs Non-QRMP Brief Analysis

Below is the crisp analysis between Quarterly Return Monthly Payment [QRMP] Scheme and Regular GSTR-3B Filing Scheme which will help you in deciding while choosing b/w QRMP or Non-QRMP Scheme.

QRMP vs Non-QRMP
Scheme QRMP Non-QRMP
Month Particular Due Date Particular Due Date
M1 Invoice Furnishing Facility (IFF)- Optional 13th of Next Month GSTR-1 (Monthly)- Late Fee applicable if Filed after Due Date 11th of Next Month
Form GST PMT-06 Payment Challan 25th of Next Month GSTR-3B (Monthly) 20th of Next Month
Interest applicable if Paid after Due Date Late Fee & Interest applicable if Filed after Due Date
(Select Reson as Monthly payment for quarterly return & Month M1) (Select Reson as Any other payment in Payment Challan GST PMT-06)
M2 Invoice Furnishing Facility (IFF) 13th of Next Month GSTR-1 (Monthly) 11th of Next Month
It is optional Late Fee applicable if Filed after Due Date
Form GST PMT-06 Payment Challan 25th of Next Month GSTR-3B (Monthly) 20th of Next Month
Interest applicable if Paid after Due Date Late Fee & Interest applicable if Filed after Due Date
(Select Reson as Monthly payment for quarterly return & Month M2) (Select Reson as Any other payment in Payment Challan GST PMT-06)
M3 Invoice Furnishing Facility (IFF) 13th of Next Month GSTR-1 (Monthly) 11th of Next Month
It is optional Late Fee applicable if Filed after Due Date
GSTR-3B (Monthly) 22nd or 24th of Next Month GSTR-3B (Monthly) 20th of Next Month
Late Fee & Interest applicable if Filed after Due Date Late Fee & Interest applicable if Filed after Due Date
(Select Reson as Any other payment in Payment Challan GST PMT-06) (Select Reson as Any other payment in Payment Challan GST PMT-06)
GST QRMP vs Non-QRMP Brief Analysis

GST QRMP vs Non-QRMP Brief Analysis

Notes:

  • IFF for M1 or M2 can not be filed after Due Date (13th of Next Month) and that invoices to be reported in Next IFF/GSTR-1 as the case may be
  • Currently GSTN Portal is not charging any Late fee for Delay in Filing of GSTR-1 but it is clearly prescribed in the law
  • As per Section 50 of the CGST Act interest is @ 18 % p.a. for the period of delay on that portion of tax which is paid by debiting electronic cash ledger.
  • IFF Contain data related to B2B Invoices and B2B Credit/Debit Notes only
  • The late Fee is 50 Rs. Per Day Subject to
    • Rs.500 if Nil Outward Supplies in GSTR 1
    • Rs.500 if Nil Tax Liability in GSTR 3B
    • Rs.2,000 if AATO in preceding FY up to 1.5 Cr
    • Rs.5,000 if AATO in preceding FY above 1.5 Cr and up to 5 Cr
    • Rs.10,000 if AATO in preceding FY above 5 Cr
  • Please also note that:
    • M1 means 1st Month of Quarter
    • M2 means 2nd Month of Quarter
    • M3 means 3rd Month of Quarter
  • If GSTR-1 is filed after specified due date then invoices reported in that GSTR-1 will be reflected in Next Month’s GSTR-2B of Counter party

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