Web
Analytics Made Easy - StatCounter
Centre, states roll out staggered GST return filing for small businesses - GST Station

Centre, states roll out staggered GST return filing for small businesses

Centre, states roll out staggered GST return filing for small businesses

    NEW DELHI: Central and state governments have rolled out a staggered monthly Goods and Services Tax (GST) return filing system for small businesses for six months starting April to reduce the load on IT infrastructure.

    In a series of notifications issued on Monday, the Central Board of Indirect Taxes and Customs (CBIC) also implemented the decisions of the GST Council to extend the due dates for various new compliance measures.

    The notifications brought to effect a special regime for companies undergoing bankruptcy proceedings and extended both electronic invoicing as well as use of dynamic quick response (QR) code on retail invoices till 1 October. Electronic invoicing by businesses with more than ₹100 crore sales and use of QR code by businesses with more than ₹500 crore sales were to come into force from 1 April.

    CBIC also notified the GST Council’s 14 March decision of deferring the due date for filing annual returns by businesses for FY19 till 30 June. The Board said Aadhaar authentication will be required for individuals and authorised signatories of businesses as well as managing and authorised partners in partnerships to be eligible for GST registration from 1 April.

    Under the staggered scheme, businesses with up to ₹5 crore in sales and divided into two groups across the country will be given two separate dates — 22 and 24 of the succeeding month — for filing returns. The move is aimed at relieving the pressure on the IT systems, which has caused difficulties for many tax payers in filing returns on time. The GST authorities have been trying to boost compliance which is key to improving revenue collections amid an economic slowdown.

    Source- Livemint.

COMMENTS

WORDPRESS: 0
DISQUS: 0