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Firms with annual income upto Rs 2 crore could get GST return relief

The GST Council in its meeting on September 20 is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing annual returns. So far, only 25-27% of registered assesses have filed their annual returns despite extension of deadlines three times. The Council will decide if the mandatory return filing requirement be suspended for only 2017-18 or for subsequent financial years as well. As per official data, out of about 1.39 crore total assessees, nearly 85% have an annual turnover of Rs 2 crore or less.

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