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CA Intermediate · Taxation · Returns

Ganesh Enterprises, Pune, a regular taxpayer with quarterly return monthly payment (QRMP) scheme, wants to know about the scheme's features. Its aggregate turnover in the preceding financial year was Rs 4 crore. Which of the following is correct?

A registered person with aggregate turnover up to Rs 5 crore in the preceding financial year can opt for QRMP. Ganesh Enterprises, with Rs 4 crore, qualifies and files returns quarterly while paying tax every month, so the first option is correct.

  1. AIt can opt for QRMP because turnover is up to Rs 5 crore, and it files GSTR-3B quarterly while paying tax monthlyCorrect
  2. BIt cannot opt for QRMP because turnover exceeds Rs 1.5 crore
  3. CIt can opt for QRMP but must file GSTR-1 monthly and pay tax quarterly
  4. DIt can opt for QRMP only if it is a composition dealer

Explanation

The QRMP scheme is available to registered persons required to furnish GSTR-3B whose aggregate turnover in the preceding financial year was up to Rs 5 crore. Rs 4 crore qualifies. Under the scheme, returns are filed quarterly while tax is paid monthly (through PMT-06). The Rs 1.5 crore limit applies to the quarterly GSTR-1 option under the older rule, not the QRMP ceiling, and composition dealers are outside QRMP.

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