GST Council eases tax filing norms for small traders
Businesses having Rs 1.5 crore turnover make up 90 per cent of the taxpayer base but contribute only six per cent of tax.
New Delhi: After small traders raised concerns by about the impact of GST on their business, the GST Council on Friday allowed them to file returns and pay taxes once in three months as against the current monthly filing schedule.
Businesses with annual turnover of up to Rs 1.5 crore are eligible to switch over to the quarterly schedule. The new schedule will be applicable from October 1.
“Compliance burden of medium and small taxpayers in GST is being reduced,” finance minister Arun Jaitley said.
Businesses having Rs 1.5 crore turnover make up 90 per cent of the taxpayer base but contribute only six per cent of tax.
The Council has increased the businesses with a turnover limit opting for the composition scheme to Rs 1 crore from the current Rs 75 lakh. The council slashed tax on 27 items, including unbranded Aurvedic medicines.