GST and Taxation for MSMEs: In order to simplify the compliance procedure further for GST-registered businesses, the 31st GST Council meeting proposed a new return system.
GST and Taxation for MSMEs: The Goods and Services Tax (GST), was introduced as a single, straightforward tax system to replace multiple indirect taxes. The GST has served as an efficient tax system by bringing in more transparency and streamlining the tax filing process for both the government and the taxpayers. In order to simplify the compliance procedure further for GST-registered businesses, the 31st GST Council meeting proposed a new return system. This system is likely to be introduced on October 1st, 2020. Here, we will discuss the forms under the new system, the key differences between the old and new returns, and how small business owners can use a cloud accounting solution to stay compliant at all times.
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New GST Return
Under the new system, there will be three main return forms – Normal (RET-1), Sahaj (RET-2) and Sugam (RET-3). The type of return to be filed and the filing frequency is determined based on the turnover of a business.
Source: Financial Express
