Quick Summary
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.
Department of Revenue have informed that there is no such proposal at this stage.
Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017.
This information was given by Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in written reply to a question in Rajya Sabha today.
FAQ :
MSMEs with an annual aggregate turnover not exceeding £5 crore in the preceding financial year can benefit from the quarterly GST payment option.
The annual aggregate turnover limit for quarterly GST filing is £5 crore in the preceding financial year.
The Department of Revenue has stated there is no new proposal at this stage, but quarterly payment is available under the existing new return model for eligible MSMEs.
The quarterly payment of GST is available to MSMEs who opt for composition levy under section 10 of the CGST Act, 2017.
This information was given by Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises.
CAclubindia
