Quarterly GST returns for businesses with Rs 5 cr turnover: Budget 2019-20

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Quarterly GST returns for businesses with Rs 5 cr turnover: Budget 2019-20

Quarterly GST returns for businesses with Rs 5 cr turnover: Budget 2019-20

Industry News
Jul 05,19

The Budget proposes to move to an electronic invoice system, to be rolled out from January 2020, wherein invoice details will be captured in a central system at the time of issuance

Quarterly GST returns for businesses with Rs 5 cr turnover: Budget 2019-20

New Delhi

Presenting the Budget in Parliament today, the Union Finance Minister Nirmala Sitharaman announced that GST processes are being further simplified. The threshold exemption limit for a supplier of goods is proposed to be enhanced from Rs 20 lakhs to an amount exceeding Rs 40 lakhs.

“Tax payers having annual turnover of less than Rs 5 Crore shall file quarterly return. Free accounting software for return preparation has been made available to small businesses. A fully automated GST refund module shall be implemented. Multiple tax ledgers for a tax payer shall be replaced by one,” she said.

The Budget proposes to move to an electronic invoice system wherein invoice details will be captured in a central system at the time of issuance. “This will eventually be used to prefill the taxpayers’ returns. There will be no need for a separate e-way bill. To be rolled out from January 2020, the electronic invoice system will significantly reduce the compliance burden,” said Sitharaman.

Complimenting the GST Council, the Finance Minister said the Council, Centre and States proactively worked to resolve the teething problems witnessed during the initial phase of GST. Sitharaman said that GST rates have been reduced significantly where relief of about Rs 92,000 crores per year has been given.