AMN
India Inc has welcomed the GST Council’s decision to allow quarterly return filing for businesses with turnover of up to Rs. 5 crore. It said, the move will boost compliance. 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.
FICCI President Rashesh Shah said, the decisions relating to simplification of returns and especially keeping the interests of small taxpayers are noteworthy.
He said, this would facilitate ease of doing business both for small and large taxpayers.
Mr. Shah said, the decisions will increase compliance and widen the tax base and are in the right direction to achieve the objectives of GST.
In its meeting on Saturday, the GST Council 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.
The GST Council also cut tax rates on 88 items, including footwear, refrigerator, washing machine and small screen TV, while the widely demanded sanitary napkins have been exempted from the levy.