Turnover limit for small traders raised from Rs 1.5 cr to Rs 5 cr

Indore : Offering relief to small taxpayers under GST regime, the union finance ministry has proposed to increase their turnover limit from Rs 1.5 crore to Rs 5 crore. The turnover limit will be ascertained on the basis of previous financial year.

In addition, ministry has proposed that traders can file single return in place of two returns. GST will be payable on services provided by banking and insurance companies.

These provisions are being made in GST Amendment Act, 2018, whose bill was recently passed in Lok Sabha and is awaiting nod of upper house. The amended bill has been drafted on recommendations of GST Council, which had sought suggestions from traders, tax consultants and business associations in the country.

Tax consultant RS Goyal speaking on GST Amendment Act at TPA Hall in Aaykar Bhawan on Friday

Senior tax consultant RS Goyal explained some of these provisions incorporated under GST Amendment Act, 2018, at a workshop organised at TPA Hall on Friday. Tax consultants were present in large numbers on the occasion.

He said small businesses with turnover of less than Rs 1 crore are now being provided facility to present quarterly details.

Small businessmen who don’t have to pay input tax credit can file returns even through SMS. If the small businessmen wish to file monthly returns in place of quarterly return, they can opt it.

Uploading invoices

Small and big businesses are being provided the facility to continuously upload bills issued by them.  The invoice issued by businessmen for single month sale can be uploaded till 10th of following month. This uploaded invoice will appear on portal of recipient of goods and services tax. If the return is uploaded after 10th of following month, such invoices will reflect in next month’s returns.

Locking invoices

Under new provisions, the facility has been given to the businessman to lock (accept) invoices issued by the supplier. If the invoice uploaded by the vendor businessman has been locked by buyer, then the vendor will not be able to remove locked invoice.

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