{"id":2122,"date":"2019-09-12T16:07:43","date_gmt":"2019-09-12T16:07:43","guid":{"rendered":"https:\/\/www.gstpractitioners.in\/blog\/?p=2122"},"modified":"2019-09-17T02:10:10","modified_gmt":"2019-09-17T02:10:10","slug":"firms-with-annual-income-upto-rs-2-crore-could-get-gst-annual-return-relief","status":"publish","type":"post","link":"https:\/\/www.gstpractitioners.in\/blog\/firms-with-annual-income-upto-rs-2-crore-could-get-gst-annual-return-relief\/","title":{"rendered":"Firms with annual turnover upto Rs 2 crore could get GST annual return relief"},"content":{"rendered":"<div class='epvc-post-count'><span class='epvc-eye'><\/span>  <span class=\"epvc-count\"> 1,733<\/span><\/div><p style=\"text-align: justify\">The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing annual returns. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. &#8220;It is ranging from 25-27 per cent despite extension of deadlines.<\/p>\n<p style=\"text-align: justify\">The GST Council will discuss the issue in its meeting on September 20,&#8221; said an official.<\/p>\n<p style=\"text-align: justify\">He further said that the Council will decide if the mandatory return filing requirement be suspended for only 2017-18 or for subsequent financial years as well.<\/p>\n<p style=\"text-align: justify\">&#8220;There is also a view that government should wait till November 30 to see if the number of those filing returns goes up,&#8221; he said adding there would be many procedural issues that would be considered by the Council this time.<\/p>\n<p style=\"text-align: justify\">As per official data, out of about 1.39 crore total assessees, nearly 85 per cent have an annual turnover of Rs 2 crore or less.<\/p>\n<p style=\"text-align: justify\">Tax experts said that the proposed move to dispense small taxpayers from filing annual returns would ease compliance burden and also help tax authorities focus on big assessees.&#8221;There is perhaps a need for rethinking.<\/p>\n<p style=\"text-align: justify\">There is a view that why put more compliance burden on small taxpayers. The system is also not very robust,&#8221; said Amit Bhagat, Partner, indirect tax practice, Dhruva Advisors.<\/p>\n<p style=\"text-align: justify\">At present, every GST assessee has to file an annual return in GSTR 9 forms. MS Mani, Partner with Deloitte India said that during implementation of GST, most small traders and businesses had found it difficult to shift to GST and any relief to them would be a big help for the micro, small and medium enterprises (MSME) sector.<\/p>\n<p style=\"text-align: justify\">&#8220;If there is a compliance relief given to them for a year or two it will make GST much more acceptable for the MSME sector,&#8221; Mani noted.<\/p>\n<p><strong>Source : economictimes<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1,733The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than &#8230;. <\/p>\n","protected":false},"author":2,"featured_media":2129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,2,40,28,37],"tags":[],"class_list":["post-2122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-annual-return-under-gst","category-blog","category-gst-council-meeting","category-gst-return","category-gstp"],"gutentor_comment":16,"_links":{"self":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/comments?post=2122"}],"version-history":[{"count":5,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2122\/revisions"}],"predecessor-version":[{"id":2136,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2122\/revisions\/2136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media\/2129"}],"wp:attachment":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media?parent=2122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/categories?post=2122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/tags?post=2122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}