GST cheer for MSMEs: Small businesses to have more filing options in new return filing system

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GST cheer for MSMEs: Small businesses to have more filing options in the new return filing system.


The upcoming new GST returns system is being designed to help the small taxpayers to comply faster and with efficient use of resources.


GST Return Filing is Change for MSMEs and Small business unit. they have made it easy and functional.GST Council has already begun with the simplification of GST compliance for taxpayers. There has been an increase in the threshold limit of turnover for GST registration to Rs 40 lakhs upcoming new GST returns system is being designed to help the small taxpayers to comply faster and with efficient use of resources.


Faster Compliance : 

A government statement on July 21, 2018, had said that small businesses having annual turnover below Rs 5 crore account for 93 percent of the total taxpayer base although these do not majorly contribute to GST revenue.

Filing Multiple Returns : 

MSMEs and small businesses are allowed to file either of the four return types. However, the return preparation complexity just increases as one covers the list from top to bottom. These profiles help taxpayers complete filing in less time and effort. 

Delayed Payments : 

MSMEs may want to choose quarterly filing of returns, leading to delay in the uploading of invoices. The delay, in turn, affects the recipients who suffer a delay in ITC claims.  They may eventually hold back the payments to their MSME vendors. 

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