Description
GST QRMP Scheme for Regular Return (25 Invoices)
1. Eligibility:
- Businesses with an aggregate turnover of up to ₹5 crores in the previous financial year.
2. Return Filing:
- GSTR-3B is filed quarterly instead of monthly.
3. Monthly Tax Payment:
- Two payment methods available:
- Fixed Sum Method (FSM): Pre-determined tax amount.
- Self-Assessment Method (SAM): Based on actual tax liability.
4. Invoice Furnishing Facility (IFF):
- Allows uploading up to 25 invoices per month for faster Input Tax Credit (ITC) claims.
5. Benefits:
- Reduced compliance burden.
- Lower tax filing costs.
- Improved cash flow management.
- Faster ITC claims for buyers.
This scheme simplifies GST compliance for small taxpayers while ensuring timely tax payments.
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