QRMP scheme

Hello taxpayer,

Good to know you are availing the benefit of QRMP scheme.

In your case, if you are able to self assess your liability precisely and pay it by monthly due dates then no interest would be charged. Otherwise interest @ 18% start accruing from day following monthly due date. 

However I would suggest you to go for 35% challan payment mode because here you don't need to do any manual computations and in case your payment is lesser than actual liability for the month then you have time till quarterly GSTR3B due date to pay the same without interest. 

Feel free to reach out to me through telephonic mode for detailed discussion.

Best Regards, 

If you pay tax on self assessment basis before or on the monthly due date of filing of GSTR-3B then no interest will be applicable. Ensure calculation of monthly tax payable due should be correct and ultimately reconcile with quarterly liability. There might be difference in input claimed on monthly basis on self assessment basis and ITC as per 2B on quarterly basis due to which tax liability may vary.

Hi Asu,

In relation to your query, if you opt for Self Assessment Method, in that case interest would be levied for the first two months of the quarter @ 18%, on the amount which is unpaid or paid beyond the respective due dates, while in case of Fixed Sum Method (35%), interest for any short payment in first two months is not levied, is such excess tax liability arising has been paid within quarterly GSTR-3B due date.

So, in a nutshell if your tax amount paid is not short of your liability, then no interest is leviable.

Please advise in case of any other clarification.

Thanks & Regards,

CA Aditya Dhanuka.

Hi

No Interest will not be charged if you pay it by monthly due dates

The interest will be applicable as follows if the taxpayer opts for Self Assessment Method (SAM):

The taxpayer has to pay interest @ 18% on the net tax liability which remains unpaid or paid beyond the due date for the first two months of the quarter.

It is important to note that the taxpayer has to pay interest @18% if there is any late payment of tax in the third month of a quarter. This is applicable irrespective of Fixed Sum Method (FSM), popular as 35% challan method, or Self Assessment Method (SAM).

Please have a phone consultation for details discussion

Hi

It is only a general message. Interest would be applicable if you pay INR 5 for April month and later realise that INR 10 was to be paid. Interest would be applicable on additional INR 5 paid later.

Hi,

Interest will be levied only if the amount paid in QRMP is less than the actual Liability of that month.