GST Council Approves Quarterly Returns for Taxpayers having Turnover upto 5 Cr

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The GST Council’s 28th meeting has approved the quarterly returns for traders having turnover of upto Rs 5cr annually, said Delhi Finance Minister Manish Sisodia.
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This would be a major relief to the small traders across the country.
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Presently, registered persons with aggregate turnover up to Rs. 1.50 Crores are eligible to file quarterly returns under the new tax regime.
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The GST Council has now widened the relief to the traders having turnover up to 5 crore rupees. Traders with turnover up to Rs 5 crore will deposit GST monthly but they don’t have to file the returns quarterly, said Finance Minister Piyush Goyal while addressing the media today.
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This is to facilitate the ease of payment and return filing for small and medium businesses with an annual aggregate turnover up to Rs. 5 crores.
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Currently, the registered buyers from small taxpayers having turnover up to 1.5 crores are eligible to avail ITC on a monthly basis.
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