Updated By: LatestGKGS Desk
GST Council relief details to Small, Medium Enterprise Sector (SME) India
Relief for Small and Medium Enterprise (SME) Sector: India Inc. Shri Arun Jaitley
Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has approved the several facilitative changes to ease the burden of compliance on small and medium businesses in the GST Council, in its 22nd Meeting held on 6 October 2017 in the national capital.
Presently, anyone making inter-state taxable supplies, except inter-State job worker, is compulsorily required to register, irrespective of turnover.
It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except for J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
This measure is expected to significantly reduce the compliance cost of small service providers.
To facilitate the ease of payment and return filing for small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1, 2 & 3 and pay taxes only on a quarterly basis, starting from the third quarter of this Financial Year October-December, 2017.
The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis.
