GST Council will be discussing measures to exempt small businesses having turnover below Rs 2 crore from filing annual GST returns even as the number return filings has remained unsatisfactory.
In a possible major step towards ease in compliance burden, GST Council will be discussing measures to exempt small businesses having turnover below Rs 2 crore from filing annual GST returns even as the number return filings has remained unsatisfactory despite extending the deadline three times, IANS reported citing senior officials. Close to 85 per cent of around 1.39 crore total assessees as per official data have a turnover of Rs 2 crore or less. This would reduce compliance burden and help tax bodies focus on large assessees, according to tax experts.
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“This is a welcome step and will benefit crores of traders in the country. Up to 50 lakh traders in India have an annual turnover of Rs 2 crore and for them, it will be a major relief. If the limit can be increased to Rs 5 crore then 70 per cent of the traders will be reprieved from return filing,” traders’ body CAIT secretary general Praveen Khandelwal told Financial Express Online. CAIT represents around 7 crore small traders in India.
Source: Financial Express
