What this means
The Quarterly Return Monthly Payment scheme allows eligible taxpayers to file GSTR-1 and GSTR-3B quarterly while paying tax monthly. The GST Portal describes eligibility broadly around aggregate turnover up to ₹5 crore, subject to portal conditions and filing history.
Practical points
IFF is an optional facility for the first two months of a quarter. It allows eligible QRMP taxpayers to furnish specified B2B invoices so recipients can receive timely credit information. The portal states that the last date for IFF is generally the 13th of the next month.
Control and documentation
A practical decision is whether customers need invoice visibility before the quarterly GSTR-1. If IFF is used, implement a cut-off and prevent the same invoices from being duplicated in the quarter-end return.
Before you act
QRMP does not eliminate monthly tax management. Maintain books and liability reconciliations every month even though the main returns are quarterly.
Sources
This article is general educational information as at the review date shown above. It is not a substitute for the legislation, notification, circular or advice applicable to a particular person or transaction. Verify the current official source before acting.