GST for MSMEs is about to get easier. The GST council will be launching a new GST return filing system which will be beneficial for MSMEs and small businesses.
The new system will be more simple and will have more filing options.
This scheme has come after the following:
- Increase in GST limit for MSMEs to INR 40 lakhs from INR 20 lakhs.
- GST benefits through increased use of UPI-based QR codes in different stores.
All about GST returns:
GST returns are detailed reports of the sales and purchases made along with the tax which is collected or paid. GST return filing is generally done quarterly or annually.
GST returns have to be filed when small businesses purchase or sell products.
The input tax credit has been paid on purchases and output GST on sales has been provided.