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GST Registration (Monthly vs. Quarterly)

New GST Return Filing System

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Get GST Registration (Monthly vs. Quarterly) Online

The new return system went into operation on a trial basis in July 2019 intending to simplify the process of filing GST returns, popularly known as QRMP or Quarterly returns monthly payment. According to the 37th GST Council meeting conducted on September 20, 2019, it was intended to be fully implemented from April 2020 onwards, rather than earlier in October 2019. It has, however, been put out till October 2020.

 

Simple return forms for small taxpayers, real-time availability of input invoice information, return amendment, and other new features are included in the new return system.

Monthly vs. Quarterly Returns

Parameters

Monthly

Quarterly

Point of Applicability

Mandatory if aggregate annual turnover is more than Rs.5 crores

Can be opted if the aggregate annual turnover is upto Rs. 5 crores

Number of Returns

12 for 12 months Forms: GSTR 1 and GSTR 3B

4 returns for 4 quarters in a year Forms: GSTR 1 and GSTR 3B

Calculation and payment of taxes

Every Month

Payment of taxes every month. Filing of returns every quarter.

Calculation

Actual Basis

Fixed sum Self-assessment method

What is the significance of the QRMP scheme?

Small company taxpayers must know this programme since it will assist them in decreasing the number of returns they must file each year. Eligible taxpayers can also use the optional Invoice Furnishing Facility (IFF) under this system. IFF allows you to file four GSTR-1 reports every year and upload invoices for the first two months of a quarter rather than waiting until the end of the quarter. Your purchasers can also claim the Input Tax Credit (ITC) faster through IFF.

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