India Inc hails GST Council's decision to allow quarterly return filing

    India Inc today welcomed the GST Council's decision to allow quarterly return filing for businesses with turnover of up to Rs 5 crore, saying the move will boost compliance. In his first GST Council meeting since he took charge as the Finance Minister in May this year, Piyush Goyal allowed businesses with turnover of up to Rs 5 crore to file quarterly returns -- a move which will benefit 93 per cent of the GST registered taxpayers. They will have to, however, pay taxes monthly. So far, businesses with turnover of up to Rs 1.5 crore were permitted to file returns quarterly. In a statement, the Confederation of All India Traders (CAIT) said the single page return form to be filed quarterly for traders having turnover up to Rs 5 crore is a bold step which will ease miseries of traders. Read more...

Copyright © 2016 bizaviser.in™. All Rights Reserved. Contents of this Portal should not be copied, stored in a retrieval system, or transmitted. In any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior return permission of the bizadviser.in.