92% of taxpayers, with annual income of as much as ₹5 cr., qualify.
Starting January 2021, 92% of taxpayers below the Goods and Services Tax regime with an annual turnover of as much as ₹5 crore can decide to file their returns as soon as 1 / 4 as an alternative of the current month-to-month system, Department of Revenue officers mentioned on Monday.
As many as 94 lakh registered GST taxpayers can decide in for the brand new Quarterly filing of Return with Monthly Payment (QRMP) Scheme, below which GSTR-3B returns could be filed simply as soon as 1 / 4.
“The small taxpayer, from January onward, would need to file only 8 returns (4 GSTR-3B and 4 GSTR-1 returns) instead of 16 returns at present in a financial year,” an official mentioned, including that taxpayers can be part of the scheme via the GST, with a facility to decide out or decide in once more sooner or later, if one so needs.
The scheme, the official identified, was accredited in-principle by the GST Council at its assembly on October 5 this yr, with a view to offer flexibility to small and medium enterprises in GST compliance norms.
While the transfer is anticipated to ease the compliance burden on oblique taxes for companies, the Centre can be hoping to plug leakages and frauds by tightening the grant of enter tax credit.
“We are also introducing the concept of providing input tax credit only on reported invoices, which could significantly curb the menace of fake invoice frauds,” the official mentioned.
As a part of an ongoing nationwide drive towards pretend bill frauds, the GST intelligence wing and the CGST Commissionerates have arrested 114 unscrupulous individuals in addition to reserving 1230 circumstances towards 3,778 pretend GSTIN entities.