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The Finance Ministry will put up the draft of a new simplified return form on its website latest by Monday. Stakeholders will have one month’s time to give their comments on the draft return form.
The new simplified return will replace all existing forms and facilitate one return to be filed every month. There will also be provision to file returns by SMS if the turnover in a particular month is 'Nil'. It has been decided that businesses with annual turnover of up to Rs 5 crore will have the option to file their return on a quarterly basis. Businesses under the composition scheme are already permitted to file their return on a quarterly basis.
Compliance
Addressing CII's conference on GST here on Thursday, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), S Ramesh, urged industries to give compliance “top priority”. A clear mesaage was sent to industry to pass on the benefits of rate cuts to customers. The GST Council had lowered rates on around 50 product categories, including on smaller TVs, fridges and washing machines, to 18 per cent from 28 per cent.
Migration window
Later, Upendra Gupta, Commissioner, GST, said a one-month window is being opened for those who have yet to migrate to the new tax system. He said that new migrants will be allowed to file returns for the period July 2017 to August 2018 without any late fee. They will also get transitional credit.
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