What Is the QRMP Scheme Under GST?
QRMP is the Quarterly Return filing and Monthly Payment scheme that allows eligible taxpayers to file specified returns quarterly while paying tax monthly.
Quick Answer
QRMP is the Quarterly Return filing and Monthly Payment scheme that allows eligible taxpayers to file specified returns quarterly while paying tax monthly.
The QRMP scheme is a GST compliance option for eligible taxpayers that changes the filing frequency for specified returns from monthly to quarterly, while tax payment is made monthly.
Practical GST Workflow
- Maintain complete sales and purchase records.
- Reconcile return data with books and source documents.
- Review exceptions such as credit notes, amendments and ITC restrictions.
- File the applicable GST return and retain supporting records.
