Indore: Small traders exempted from filing GSTR-9, GSTR-3B

Indore: Small traders exempted from filing GSTR-9, GSTR-3B

GST experts of the city said this while decoding the decision of the 47th meeting of the GST Council held on June 28 and 29 in Chandigarh. The Tax Practitioners Association (TPA) organised a workshop to discuss the decisions taken by the council.

Staff ReporterUpdated: Saturday, July 02, 2022, 12:18 AM IST
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Indore (Madhya Pradesh): In a major relief, small traders having annual turnover up to Rs 2 cr are now exempted from filing GSTR-9. Similarly, the GSTR-3B will be simplified. However, the prices of certain items may rise in the days to come.

GST experts of the city said this while decoding the decision of the 47th meeting of the GST Council held on June 28 and 29 in Chandigarh. The Tax Practitioners Association (TPA) organised a workshop to discuss the decisions taken by the council.

GST expert Sunil P Jain said that the council is going to seek opinions from the taxpayers and tax professionals for simplification of the Form of GSTR-3B. Small traders having turnover up to Rs 2.00 crores are exempted from filing Annual Return Form GSTR-9, which is a welcome decision. Similarly, the late fee charged on Form GSTR-4, has also been waived off.

JP Saraf, vice-president of the TPA, said in his speech that changes are taking place very fast in the GST law. Therefore, all the members should be aware of the new provisions. He said that the association had been demanding the early constitution of the GST Appellate Tribunal for a long time, which has been accepted in this council meeting.

Secretary (SGST) of TPA Manoj P Gupta said that now tax can also be paid through UPI and IMPS. Thus, the small taxpayers will be able to deposit their taxes easily from mobile. Similarly, now e-commerce operators will also be able to take advantage of the composition scheme, which will facilitate online sellers and start-ups in tax compliance.

Krishna Garg, secretary (CGST) said that the tax rate is rationalised in the inverted duty structure, where the raw material tax rate is high and the finished goods tax rate is low. But by levying tax on some services of small hotels and hospitals, these services will become expensive.

A large number of chartered accountants and tax consultants including PD Nagar, Manish Dafaria, Avinash Khandelwal, Umesh Goyal, advocate Govind Goyal, and Dinesh Goyal were present on the occasion.

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