- 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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