The Central Government has released an advisory on allowing the small taxpayers with a turnover of less than 5 crores to file quarterly return with monthly payment facility under the new indirect tax regime, as recommended by the GST Council in its meeting on 21st July 2018.
This was to make GST compliance simpler and convenient to the taxpayers and to facilitate the ease of payment and return filing for small and medium businesses with an annual aggregate turnover up to Rs. 5 crores.
Small taxpayers with turnover of less than Rs. 5 crore can now file quarterly return with monthly payment facility. As per the decision of the council, the facility is optional.
According to the advisory issued last day, around 93% of taxpayers will get the benefit with this facility.
“Simplified quarterly return SUGAM and SAHAJ introduced for small taxpayers making only B2C Supplies or B2B+B2C Supplies,” he advisory said.
It also said that the amendment returns can be filed using amendment facility. Further, NIL returns filers have facility to file returns by sending SMS.
There are more reliefs to the Micro, Small & Medium Enterprises on the cards as the GST Council has decided to conduct a Special meeting on the coming Saturday exclusively for such MSMEs. In connection with this, the Central Board of Indirect Taxes and Customs (CBIC) is collecting data relating to the issues of the MSMEs.
