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Businesses with nil tax liability may get to file GST returns bi-annually

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Businesses with nil tax liability may get to file GST returns bi-annually
Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council's nod.
According to recent data, as much as 40 per cent of return filers under the Goods and Services Tax (GST) regime have nil tax liability and will not have to file monthly returns once the new simplified return filing procedure is finalised.
The GST Council, headed by Finance Minister Arun Jaitley and comprising his state counterparts, will at its next meeting consider the proposal to simplify the GST return forms.
"Taxpayers whose liability is nil for six consecutive months will be required to file six-monthly return," an official told PTI. As per the proposal prepared by the revenue authorities, the return filing date would be spread out. Businesses having annual turnover of up to Rs 1.5 crore will have to file return by 10th of next month, while others can file return by 20th, the official added.
The Business Standard, New Delhi, 26th March 2018

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