New Delhi: To give relief to small traders, the government is preparing to take some more steps in the case of sales returns. Under which the Goods and Services Tax (GST) process will be further simplified. In this new process, small businessmen doing business up to five crore rupees annually will have to file only 4 sales returns from January next year. Sources in the Department of Revenue gave this information. At this time, traders have to file 12 returns (GSTR 3B) on a monthly basis. Apart from this, 4 GSTR 1 has to be filled. After the new rule comes into effect, taxpayers only have to file 8 returns. These include 4 GSTR 3B and 4 GSTR 1 returns.
94 lakh taxpayers will be affected
Sources said that the plan to file quarterly returns (QRMP) along with the monthly tax payment scheme will affect about 94 lakh taxpayers. This constitutes about 92% of taxpayers registered under GST. That is, this scheme will benefit a large number of registered businessmen in GST. Thus, from January next year, small businessmen will have to file four GSTR-3B and four GSTR-1 returns in a year.
Small businessmen will get relief
Sources said that this scheme will also be implemented in providing input tax credit (ITC). It will be only for the bills to be reported. He said that the option of invoice filing (IIF) will also be given under this scheme. Under the IIF facility, small businesses availing this scheme will be able to upload their bills in the first and second month of the quarter.
The new system will be applicable from 1 January 2021
The GST Council had decided about this in its meeting held on 5 October. He had said that traders doing business up to five crore rupees can be allowed to file returns on a quarterly basis along with making monthly payments of tax. This system will come into effect from January 1, 2021.
1.05 lakh crore GST collection in November
The Goods and Services Tax (GST Collection) collection in November was more than one lakh crore rupees. According to the Finance Ministry data, in November this year, the government earned Rs 1,04,963 crore as Goods and Services Tax. The government received Rs 19,189 crore as CGST in this collection. The government raised Rs 25,540 crore as SGST. The government earned Rs 51,992 crore as IGST. At the same time, the government has earned Rs 8,242 crore through cess.
