State briefly the features of Quarterly Return Monthly Payment (QRMP) scheme of furnishing GST return under CGST Act, 2017.

A new scheme named Quarterly Return Monthly Payment (QRMP) under GST has been launched recently to help small taxpayers having aggregate annual turnover up to ₹ Five Crores in the preceding Financial Year 2019-20. The scheme allows the taxpayers to file Form GSTR-3B on a quarterly basis and pay taxes every month. It is an optional scheme. The registered persons opting for the scheme would be required to furnish the details of outward supply in Form GSTR-1 on a quarterly basis. However, the registered persons opting for such scheme can furnish the details of outward supply on Invoice Furnishing Facility.