New Delhi: Several important decisions were taken at the 42nd meeting of the Goods and Services Tax (GST) Council. While important decisions were taken on GST compensation to the States, it has been announced to provide relief to traders on several fronts. After the GST Council meeting, Finance Minister Nirmala Sitharaman announced that 20,000 crore rupees of GST will be provided to the States. This amount has been received by the Centre through compensation cess, therefore, it will be shared among the States.
According to media reports, regarding other decisions of the GST Council, Finance Secretary Ajay Bhushan Pandey said that taxpayers whose turnover is less than Rs 5 crore from January 1 will not need to file monthly returns. Now such people will have to file quarterly returns of GST. But these people have to pay for the Challan every month. There will be no need to give many details on this challan. The money of these challans can be deposited without any expert and account details.
According to the new relief, the taxpayer will have to deposit only 35% of the total tax in the first quarter, and in the third month, he can deposit the actual amount of tax. So far, according to practice, a taxpayer had to file 24 returns within a year. After this relief, they will now have to file only 8 returns.
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