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Big relief to businessmen, now GST returns won’t need to be filed monthly

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Big relief to businessmen, now GST returns won’t need to be filed monthly

Big relief to businessmen

Big relief to businessmen, now GST returns won’t need to be filed monthly

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In the 42nd meeting of the GST Council held on 5th Oct, it had been announced to supply relief to businessmen on many fronts. Many important decisions were taken within the 42nd meeting of the GST Council Meet held on the 5th of Oct. On the one hand, while major decisions were taken on GST compensation to the states, on the opposite hand, it had been announced to offer relief to businessmen on many fronts.

Those with but 5 crore turnover exempt from monthly returns
Regarding the opposite decisions of the GST Council, Finance Secretary Ajay Bhushan Pandey said that taxpayers whose turnover is a smaller amount than Rs 5 crore since January 1, won’t get to file a GST return. Now such people will need to file quarterly returns of GST.

Challan has got to be submitted monthly
But these people will need to pay the challan monthly. There’ll be no got to give an excessive amount of details during this challan. The money of those invoices is often deposited with none expert and detail of accounts.

Under the new relief, the taxpayer will need to deposit only 35 percent of the entire tax within the half-moon. And within the third month, he can deposit the particular amount of tax. As of now, consistent with practice, a taxpayer had to file 24 returns within a year. After this relief, he will now need to file only 8 returns.

HSN code mentioned mandatory
From April 2021, taxpayers whose turnover are quite Rs 5 crore are going to be mandated to say the 6-digit HSN (Harmonized System of Nomenclature) code. Those whose turnover is a smaller amount than Rs 5 crore once a year will need to mention 4 digits of HSN code.

Aadhar is important within the return file
In cases of GST refund, refunds are going to be given only from those companies whose checking account are going to be linked to PAN and Aadhaar number from January 1, 2020. The GST Council has decided to link the refund application to Aadhaar. As soon as a taxpayer mentions the Aadhaar number within the GST return file, an OTP will come to its registered telephone number. After entering this OTP number, the return file is going to be signed.

 

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Anurag Srivastva
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