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GST Quarterly Return filing & Monthly Payment of Taxes

The Central Board of Indirect Taxes and Customs (CBIC) had notified the Quarterly Return Monthly Payment Scheme. The CBIC while stating the eligibility for QRMP Scheme said that a registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. This new Scheme will be effective from January 1, 2021. Further, in case the aggregate turnover exceeds Rs. 5 crore during any quarter in the current financial year, the registered person shall not be eligible for the Scheme from the next quarter.

Source Taxscan

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