Government will be releasing a new return filing mechanism under Goods and Service Tax(GST).
This will be rolled out from October, 2019 for big businessmen and from January, 2020 for small businessmen.
The traders/businessmen having zero transactions or nil filers could now file returns through SMS.
For those dealing with business to consumer with an annual turnover of less than ₹5 crore a year would have a new format ‘Sahaj’ and they could file returns once in four months.
A new single return format called ‘Sugam’ is ready for traders dealing with business-to-consumer and business-to-business.Further,business having annual turnover of more than ₹5 crore will have to file returns every month.
GST (Goods and Services Tax) is an indirect tax that has replaced many Central and State taxes like excise duty,VAT and service tax.It is a single comprehensive tax levied on all goods and services produced in India as well as those imported from other countries.
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