GST Quarterly Return for Small Businesses (Turnover less than 1.5 crore)
On October 6, 2017, Indian government decided to simplify overly complicated GST returns and provided an option to file quarterly return for businesses having turnover less than 1.5 crore. As most of us already know, GST return filing has become a joke and utter waste of time due to complicated process, non working web portals, changing dates and rules etc.
This article will cover the still emerging details about the quarterly return, its limitations, who all is qualified, and its practicability etc.
Quarterly GST return
Based on latest ruling, any business having a turnover of less than 1.5 crore can now switch to quarterly filing instead of monthly one. Though we are still waiting for the details on this ruling. Mostly it will take multiple months for exact rules to be defined.
Issues:
* Most important aspect of quarterly return is to understand the cross-impact of different suppliers choosing different types of returns and how will impact cross-verification of credit
* Limitation of quarterly return if any -- e.g., there is a simpler composition scheme but it has lot of limitations (e.g., service providers have been kept out of this)
Impact on professionals and service providers -- it is not clear if professionals will be eligible for this quarterly return scheme or not.