GST: It is not necessary to file monthly returns for less than five crore turnover
Revenue Secretary Ajay Bhushan Pandey gave this information. A large number of businessmen will get relief from this decision of the government. The government has given a big relief to businessmen in the matter of GST. There will be no need to fill the monthly return of GST if the turnover is less than Rs 5 crore. Revenue Secretary Ajay Bhushan Pandey gave this information on Monday. A large number of businessmen will get relief from this decision of the government.
Pandey said that the rules for filing GST returns are being changed. Under the new rule, traders whose turnover is less than Rs 5 crore, they will not have to file returns every month. The new rules will come into effect from January 1 next year. This means that now businessmen with turnover less than Rs 5 crore will not have to file the GSTR-3B and GSTR-1 form.
Due to this decision of the government, Corobaris will get great relief in the matter of Compliance. Instead of 24 returns per annum, they now have to fill only 8 forms. However, they will have to pay the invoice every month. They will be able to deposit the challan money without any expert and details of accounts. Under the new relief, the taxpayer will have to deposit 35 percent of the first quarter tax. They can deposit the actual amount of tax in the third month.
Businessmen, whose annual return will be more than Rs 5 crore, must mandatorily mention the 6-digit HSN code from April next year. Businessmen will have to pay GST returns from PAN and Aadhaar verified bank account only. These all issues and information will be discussed in the 42nd GST meeting.