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Businesses With Nil Tax Liability May Be Allowed To File GST Returns Annually


As per a leading business news channel report, businesses with nil tax liability under the GST regime may soon be allowed to file a single page return form annually as against the monthly returns.

Businesses With Nil Tax Liability May Be Allowed To File GST Returns Annually

Also, the Council in its meeting scheduled for July 21 will discuss on reducing rates on some of the items that include e-books, sanitary napkins, fertilisers, handicrafts, handloom and some farm products.

There shall also be a discussion in respect of simplifying return form that will benefit small taxpayer base with turnover below Rs. 1.5 crore and other composition dealers. The GST Council is also to consider the mode of utilization of a sum equivalent to Rs 1. 80 lakh crore, which is struck with integrated GST (IGST) kitty.

The meeting shall also consider the interest of distressed farmers and there will be deliberation over imposition of agricultural cess on luxury goods.

Some of the GST laws taking CGST, IGST and SGST together may see approval of some of the changes in them.

There will be recommendations made by the GoM on ethanol and sugar cess. The panel of ministers had weighed reduction of GST on ethanol to 12% from the current 18% but was not in favour of levying cess on sugar. Also there can be discussion on issues pertaining to government services, lottery treatment under GST and hotel industry.

Read more about: gst composite scheme
Story first published: Wednesday, July 18, 2018, 10:32 [IST]
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