New Delhi. GST Council on Saturday gave great relief to small businessmen on GST. Now, traders with annual turnover of up to Rs 5 crores will not have to file Monthly GST returns. Instead, they will be able to file quarterly GST returns. About 93 percent of the country’s small businessmen will benefit from this decision of GST Council. Although they will have to pay tax every month.
The burden on the GSTN system will be reduced
The Secretary General of the Federation of Indian Micro and Small and Medium Enterprises, Anil Bhardwaj said that this decision of GST Council will give great relief to small businessmen. Apart from this, the burden on GST systems will also be less. This will make it easier for small traders to comply with GST.
Return filing process will be simplified
GST Expert MK Gandhi says that traders having turnover of 1.5 million turnover annually file returns. Now, the business quarterly turnover of 5 crores annually will file returns. In a way, GST Council has tried to simplify GST return filing.
However, they have to deposit tax every month. This will reduce the cost of filing a GST return for small businessmen. The businessman had to take a lot of time to file GST every month, now his time will be saved, and this time he will be able to put it in business.
The government is going to target
MK Gandhi says that the Government Monthly Target is being completed on GST collection. In such a situation, the government is now focusing on simplifying the process of filing GST returns, so that people can easily file returns. And it is easy for them to do business with GST. After the GST was implemented, the traders were having difficulties in compliance with GST. Now these problems are getting reduced.