What is QRMP Scheme & What are the benefits?

  • QRMP Scheme

The full name of this scheme is Quarterly Return Monthly Payment(QRMP), in which we have to make monthly payment of taxes and quarterly payment of returns.

Under this scheme, any company has to follow very few compliances Due to which time is also reduced and all the small businesses spend their full time on it to give profit to their company. The main purpose of bringing this scheme was that all the businesses should bring their business on a good platform and run it so that the future does not face any kind of problems. To opt for this, the financial turnover of any company should be up to rs 5 crores, only then any company can opt for this scheme, if the turnover of any company is more than rs 5 crores, then it will be excluded from this scheme.

Note***** This scheme has been introduced on 1st January 2021. In India.

  • Benefits Of QRMP Scheme

With the introduction of this scheme, a lot of business has benefited. So they are focusing all their attention on their business and trying to bring their business to a good platform.

(1) In this Scheme, only for 16 compliances are followed.

(2) Saves time by opting for this scheme.

(3) In this scheme we furnish our B2B sales with the help of IFF Facility so that our supplier can easily get his income tax credit.

(4) In this scheme we have to make tax be payment monthly And the payment of the return has to be done by quarterly.

(5) We can pay our tax with two methods (1) Fixed Sum Method (2) Self Assessment Method.

(6) We can make payment of our liabilities in an easy way by generating challans (PMT06) in which our liabilities are exhausted.

(7) If our Liabilities are nil, then we do not need to generate of any Challan.

(8) monthly payment to be done by a simple challan.

  • These are all the benefits that we are getting in the Quarterly Return Monthly Payment.