CBEC Notifies Quarterly GST Return/ Tax Payment by Small Taxpayers

CBEC Notifies Quarterly Filing of GST Return and Tax Payment by Small Taxpayers to Reduce Compliance Burden

To facilitate the ease of tax payment and return filing for small and medium businesses with annual aggregate turnover upto Rs. 1.5 crores, GST Council in its 22nd Meeting dt. 6 Oct. 2017 has recommended that such taxpayers shall be required to file quarterly returns in FORM GSTR-1, 2 & 3 and pay taxes only on quarterly basis, starting from the Third Quarter of this Financial Year i.e. October-December, 2017. Further, it was proposed that the registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. All such small taxpayers are also required to file FORM GSTR-1, 2 & 3 for the months of July, August and September, 2017.

Accordingly, the CBEC has notified that the Small Taxpayers having Aggregate Turnover of less than Rs. 1.5 crores, who have not opted for Composition Scheme, shall be required to file GST Returns and Payment of Tax on Quarterly basis, as under:

Quarterly Return/ Tax Payment (Small Taxpayers): CBEC Notification 40/2017 Central Tax 13 Oct.

G.S.R. 1254(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the ‘said Act’), the Central Government, on the recommendations of the Council, hereby notifies the registered person whose aggregate turnover in the preceding financial year did not exceed one crore and fifty lakh rupees or the registered person whose aggregate turnover in the year in which such person has obtained registration is likely to be less than one crore and fifty lakh rupees and who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.

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