Quarterly returns filing for small GST payers

First round of relief in terms of work to be done, for small GST payers has at last, come about!

After pestering with the government for over two years now, the first major reduction in documentation and filing has been effected!

All those GST tax payers who are having a turnover upto Rupees Five Crores may file their returns on a quarterly basis.

Filing every month three returns apart from paying tax on a monthly basis was eating out the resources of the small businesses. Now, the government has announced that those people who are making five crores or less may file on a quarterly basis. But, of course, taxes have to be paid on a monthly basis!

And in order to be eligible for this scheme, they should have paid their taxes till October and filed GSTR 3B for Oct 2020 before Nov 30, 2020.

This would lessen the amount of work done by the small GST payers by almost fifty percent! Thank you, Government. Better late than never!