Swipe through the latest business and wealth clues with our android app

GST relief: Businesses with zero tax liability may get to file returns bi-annually

The government is considering a proposal to allow business entities having zero GST tax liability for 6 consecutive months to file half yearly returns. According to the data available, as much as 40% of the total returns filers have nil tax liability. Under the proposed rule, they will not be required to file monthly returns. The proposal will be taken up at the next GST council meeting. As per the proposal prepared by revenue authorities, businesses having annual turnover of up to Rs 1.5 crore will have to file return by 10th of next month, while others can file return by 20th. The number of returns filed by both small and large taxpayers would be limited to 12 in a year.

Read More at The Financial Express News date : 25 Mar 2018, Sunday

©2019 TheNewsClues