MSMEs enabled to file GST return through SMS

New Delhi, Dec 8 (KNN) The Micro, Small and Medium Enterprises (MSME) taxpayers can file their return through an SMS to help reduce their compliance cost, said Ajit Kumar, chairman, Central Board of Indirect Taxes & Custom.

“MSME taxpayers,with nil liability, can file GST returns by a mere SMS. This will improve the ease of doing business, particularly during the Covid-19 onslaught," he said at a session of Bharat Chamber of Commerce on Monday.

Kumar said the customs department rolled out the nationwide faceless assessment system for shipment clearances at every port from October 31, providing maximum benefit to the industry, once again saving their costs of compliance.

He said from January next year small taxpayers having an aggregate turnover of up to Rs 5 crore in the preceding financial year can file tax returns on a quarterly basis and pay duty on a monthly basis.

“This scheme will allow taxpayers to file all their taxes in 4 returns instead of 12 returns every year,” Kumar said, adding a new provision of registering at the GST portal through an Aadhaar authentication will enable taxpayers to get registered within 3 working days.

From January next year, a reformed GSTR Form 3B will be introduced, which will be self-populated and editable, showing both liability and credit.

“The e-invoice issuance with effect from January 2021 will be applicable to registered persons whose turnover in any preceding financial year from 2017-18 onwards exceeds Rs 100 crore in respect of supply of goods or services or both or exports”, he added.

The board has extended the time-limit for furnishing details of outward supplies in Form GSTR-1 for each of the tax periods with effect from January next year till the 11th of month succeeding each tax period, he said.