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GST Council likely to waive off annual returns for small taxpayers

37th GST Council, which meets next on September 20 in Goa will consider the proposal to do remove with the compliance of filing annual GST Returns GSTR9, GSTR9A, and GSTR9C, for the financial year 2017-18, 2018-19.

The relief will be provided to the small taxpayers, having the threshold of the annual turnover below Rs 2 crores.

The due date for furnishing annual return forms and annual audit forms for the financial year 2017-18, has already been extended from August 31 to November 30, 2019.

A senior government official said, “a law committee nominated by GST Council has already started working on the changes which will be required to facilitate the proposed changes.”

Union finance minister Nirmala Sitharaman, while interacting with taxpayers, industries, and businessman, across the country, has been taking feedback on how to ease compliance and reduce tax terrorism.

Minister Nirmala Sitharaman had said after, during one of her meetings with taxpayers/ industry and tax officers, the tax assessment process requires a lot more transparency and has to be process-driven and not discretion-driven.

Prime Minister Narendra Modi has been emphasizing on tax compliance and to honour the wealth creators and reducing the compliance burden of taxpayers across sections.

Author: Niranjan Reddy

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