The MSME taxpayers will no longer demand to log on to the GST portal to file their return. Instead they can file their return by means of an SMS to assist cut down their compliance price.
Ajit Kumar, chairman, Central Board of Indirect Taxes & Custom, mentioned at a session of Bharat Chamber of Commerce, “MSME taxpayers,with nil liability, can file GST return by a mere SMS. This will improve the ease of doing business, particularly during the Covid-19 onslaught.”
There have been demands from the taxpayers, largely in the MSME sector, that GST be charged on receipt of payment rather of the tax liability coming to them on the date of issuance of invoice or receipt of payment, whichever is earlier. This causes blockage of functioning capital, placing a great deal stress on the liquidity.
Though Kumar remained non-commital to the proposal, he mentioned the customs division rolled out the nationwide faceless assessment technique for shipment clearances at every single port from October 31, offering maximum advantage to the business, when once more saving their charges of compliance.
GST collections in the final two months have shown a good trend, registering a 10% year-on-year improve.
He mentioned from January subsequent year modest taxpayers possessing an aggregate turnover of up to Rs 5 crore in the preceding economic year can file tax returns on a quarterly basis and spend duty on a month-to-month basis. “This scheme will allow taxpayers to file all their taxes in 4 returns instead of 12 returns every year,” Kumar mentioned, adding a new provision of registering at the GST portal by means of an Aadhaar authentication will allow taxpayers to get registered inside 3 functioning days.
From January subsequent year, a reformed GSTR Form 3B will be introduced, which will be self-populated and editable, displaying each liability and credit.
He mentioned “the e-invoice issuance with effect from January 2021 will be applicable to registered persons whose turnover in any preceding financial year from 2017-18 onwards exceeds Rs 100 crore in respect of supply of goods or services or both or exports”.
The board, he mentioned, has extended the time-limit for furnishing facts of outward supplies in Form GSTR-1 for every single of the tax periods with impact from January subsequent year till the 11th of month succeeding every single tax period.