Who is eligible for the QRMP scheme?
For computing Aggregate turnover details furnished in GST returns for tax periods in the preceding Financial Year shall be taken into account.
In case if the aggregate turnover exceeds Rs.5 crore during any quarter in the current financial year, they shall not be eligible for the scheme from the next quarter with effect from 01.01.2021.
Rule 61A of GST. Manner of opting for furnishing quarterly return. –
– (1) Every registered person intending to furnish return on a quarterly basis under proviso to sub-section (1) of section 39, shall in accordance with the conditions and restrictions notified in this regard, indicate his preference for furnishing of GST return on a quarterly basis though electronically on the common portal of GST, from the 1st day of the second month of the preceding quarter till the last day of the first month of the quarter for which the option is being exercised.
Provided that where such option has been exercised once, the said GST registered person shall continue to furnish the return on a quarterly basis for future tax periods, unless the said registered person. –
(a) becomes ineligible for furnishing the return on a quarterly basis as per the conditions and restrictions notified in this regard; or
(b) opts for furnishing of return on a monthly basis through electronically on the common portal of GST.
: Provided further that a GST registered person shall not be eligible to opt for furnishing quarterly return in case the last return due on the date of exercising such option has not been furnished.
(2) A registered person, whose aggregate turnover exceeds 5 crore rupees during the current financial year, shall opt for furnishing of return on a monthly basis, electronically, on the common portal, from the first month of the quarter, succeeding the quarter during which his aggregate turnover exceeds 5 crore rupees.
Posted By: Advocate Birbal Sharmaon: December 24, 2020In:
GST Update Month of Dec 2020 || Monthly Magazine on GST Update Month of Dec 2020 Price-25 Click Below Link for Buy S.No CONTENTS Page No. 1. Important GST Due Date Calendar 4-5 2. Important… Read more
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