On the recommendation of the GST council, a new scheme of quarterly returns with monthly payments [QRMP] will be introduced from 1^st January 2021.

Under this scheme, taxpayers, whose Aggregate Annual Turnover (AATO) is upto Rs. 5 Cr in previous financial year and current financial year, would be given an option to file their return/statement – FORM GSTR-1 and FORM GSTR-3B quarterly with a simple payment challan for the first two months of the quarter.

In order to facilitate a smooth transition to the new scheme, now the GSTN have defaulted every taxpayer to the monthly frequency under the new scheme.

In case taxpayer’s AATO in current year has not crossed Rs. 5 Cr and taxpayer would like to opt in for the new scheme he/she may do so by logging to the GST Portal and navigating to Services > Returns > Opt-in for quarterly return.

The details and benefits of this scheme are provided in the link.

Click- Quarterly returns with monthly payment scheme.pdf

SOURCE: Team GSTN