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FM Rolls Out Facility Of Filing NIL GST Return By SMS

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On June 30, 2021, Finance Minister Nirmala Sitharaman has rolled out a facility using which GST taxpayers can file GST returns via SMS from their registered mobile number.

 

FM Rolls Out Facility Of Filing NIL GST Return By SMS

The FM on her official twitter handle tweeted, "In these 4 years, GST has achieved better tax compliance through mitigation of tax cascading, double (multiple) taxation, lower tax burden and has improved the competitiveness of domestic industries in the international market by removing hidden and embedded taxes".

The filing of GST return has been made hassle free and has even made optional for small taxpayers with turnover of up to Rs. 2 crore for FY 2017-18, 2018-19, 2019-20 and 2020-21, she further added.

"Filing of 'Nil' GST returns through the SMS facility from the registered mobile number has been introduced which is expected to help almost 22 lakh 'Nil' filers. A big step forward towards enhancing taxpayers' convenience," she tweeted.

What is NIL GST return?

'Nil' return can be filed by GST taxpayers for any period in a case if they have not made any outward supply or sale and also when have NOT received any inward supply (commonly known as purchase) of any goods/ services and do not have any tax liability for that particular tax period.

GST 'One Nation-One Tax' was rolled out in India from July 1, 2017.

Also, she stated that since the GST roll-out, taxes of as many as 400 items and 80 services have been slashed. And earlier the same for centre and states has been over 31 percent. "This reduction marks a significant relief for the taxpayer", she tweeted.
Sitharaman also mentioned in her tweets, "Substantial concessions have been extended to the agriculture sector in GST. On fertilisers, the net tax incidence was halved in GST.

 

On agricultural machineries, the tax incidence has come down significantly from 15 per cent / 18 per cent to 12 per cent and on certain items from about 8 per cent to 5 per cent."

"Cattle feed, aquatic feed and poultry feed have all been kept at a 'Nil' rate in GST, as have all kinds of seeds. In other words, these vital inputs in the agricultural process do not attract any tax under the GST system," She said.

GoodReturns.in

Read more about: gst gst return
Story first published: Wednesday, June 30, 2021, 20:31 [IST]
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