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GST - Quarterly return for taxpayers with turnover below Rs 5 cr; threshold exemption limit raised for goods suppliers

By TOG News Service
Jul 05, 2019 , New Delhi

TOG NEWS SERVICE, NEW DELHI, JULY 05, 2019: THE Union Minister for Finance and Corporate Affairs, Mrs Nirmala Sitharaman, today tabled the Union Budget before the Parliament. In her speech that lasted for a about two hours, the Minister announced a slew of measures in respect of GST, Customs and Central Excise. Some of the salient features include further simplification of the GST processes, increasing Special Additional Excise duty and Road and Infrastructure Cess on petrol and diesel by one rupee each, hike in Customs Duty on Gold and precious metals to 12.5% and imposing nominal basic excise duty on tobacco products and crude.

During the presentation of the Union Budget, Mrs Sitharaman touched upon the magnanimous achievement of having implemented GST. She also drew attention to rising GST collections in recent times, as well as upon the steps being taken to ease the procedure for taxpayers In this regard, the Minister announced that GST returns were 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, she added. Ms Sitharaman added that taxpayers 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. Moreover, a fully automated GST refund module shall be implemented. Multiple tax ledgers for a tax payer shall be replaced by one.

Besides, the Minister also proposed to move to an electronic invoice system wherein invoice details will be captured in a central system at the time of issuance. In this regard, Ms Sitharaman stated that this would eventually be used to prefill the taxpayers' returns. There would be no need for a separate e-way bill, the Minister added. To be rolled out from January 2020, the electronic invoice system would significantly reduce the compliance burden, she stated.

In the earlier part of the her speech, Mrs Sitharaman also heaped praise upon 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. Mrs Sitharaman said that GST rates have been reduced significantly where relief of about Rs 92,000 crores per year has been given.