If your Aggregate Annual Turnover is up to ₹5 Crore then #QRMP (Quarterly Return and Monthly Payment) Scheme

If your Aggregate Annual Turnover is up to ₹5 Crore then #QRMP (Quarterly Return and Monthly Payment) Scheme will save your Late fees in #GST

How it saved is explained here 👇👇👇 

Non QRMP

Monthly GSTR 1 on or before 11th of Next Month so from 12th Late Fee is Applicable 

QRMP

Option to file IFF for Month 1/Month 2 and Quarterly GSTR 1 on or before 13th so late fee is applicable for delay in Quarterly GSTR 1 only

Non QRMP

Monthly GSTR 3B on or before 20th of Next Month so from 21st Late Fee is Applicable

QRMP Tax

GST Payment if any for Month 1/Month 2 on or before 25th of Next month and Quarterly GSTR 3B on or before 22nd/24th so late fee is applicable for delay in Quarterly GSTR 3B only

Summary

Non QRMP

M1 GSTR 1 Late Fee

M1 GSTR 3B Late Fee

M2 GSTR 1 Late Fee

M2 GSTR 3B Late Fee

M3 GSTR 1 Late Fee

M3 GSTR 3B Late Fee

QRMP

M1 IFF Optional

M2 IFF Optional

M3 Quarterly GSTR 1 Late Fee

M3 Quarterly GSTR 3B Late Fee

Another advantage is: if assessee could not pay tax of M1 & M2, he can still file IFF for M1, M2 and GSTR1 for the quarter. But non QRMP will not be able to file GSTR1 from M2, if tax not paid & 3B not filed for M1