In the GST Council meeting held on Monday, many important decisions were taken to give relief to the traders. The council has announced a big relief to small businessmen in filing tax returns. Now taxpayers will have to fill only 8 returns instead of 24 returns annually. Aadhaar has been made necessary in the return filing.
Rebate from monthly returns
In the meeting of GST Council, it has been decided to give relief to small businessmen by filling monthly returns. Finance Secretary Ajay Bhushan Pandey said that from 1 January 2021, taxpayers whose turnover is less than Rs 5 crore will not need to file monthly returns (GST return filing), but will have to fill the returns on a quarterly basis. Due to this, the worry of filling the tax returns of the traders will be reduced to a great extent.
Challan has to be submitted every month
Even though small businessmen are exempted from filing monthly returns, these people will have to pay the challan every month. There will be no need to give too much details in this challan. Money of these invoices can be deposited without any expert and detail of accounts.
Now only 8 returns instead of 24
Under the new relief, the taxpayer will have to deposit only 35 percent of the total tax in the first quarter. And in the third month he can deposit the actual amount of tax. Till now a taxpayer had to file 24 returns within a year. After this relief, he will now have to file only 8 returns.
Aadhar is necessary in the return file
In cases of GST refund, refunds will be given only from those companies whose bank account will be linked to PAN and Aadhaar number from January 1, 2020. The GST Council has decided to link the refund application to Aadhaar. As soon as a taxpayer mentions the Aadhaar number in the GST return file, an OTP will come to its registered phone number. After entering this OTP number, the return file will be signed.
Must write HSN code
From April 2021, taxpayers whose turnover is more than Rs 5 crore annually, will be required to mention the 6-digit HSN (Harmonized System of Nomenclature) code. Those whose turnover is less than Rs 5 crore per annum will have to mention 4 digits of HSN code.
Source: Zee News
