The GST Council’s 28th meeting has approved the quarterly returns for traders having turnover of upto Rs 5 cr annually, said Delhi Finance Minister Manish Sisodia. This would be a major relief to the small traders across the country.
Presently, registered persons with aggregate turnover up to Rs. 1.50 Crores are eligible to file quarterly returns under the new tax regime. The GST Council has now widened the relief to the traders having turnover up to 5 crore rupees.
Traders with turnover up to Rs 5 crore will deposit GST monthly but they don’t have to file the returns quarterly, said Finance Minister Piyush Goyal while addressing the media today. This is to facilitate the ease of payment and return filing for small and medium businesses with an annual aggregate turnover up to Rs. 5 crores.
Currently, the registered buyers from small taxpayers having turnover up to 1.5 crores are eligible to avail ITC on a monthly basis.
Courtesy: www.taxscan.in
