Businesses with annual turnover of Rs 5 crore or more will need to file by 20th of every month. Those less than Rs 5 crore by 25th
In order to avoid the last minute rush of return filers, which often leads to crashing of its portal, the GST Network (GSTN) has come up with a few ideas under the new return filing system to be implemented from the next financial year.
Under the new system, return filings will be done in a staggered manner. For big taxpayers with annual turnover of Rs 5 crore or more, the last day for filing returns will be 20th of every month. For small taxpayers with annual turnover of less than Rs 5 crore, the due date will be 25th of every month.
“It will help avoid the last minute rush,” GSTN CEO Prakash Kumar told Business Today.
Under the new scheme, those who report nil turnover can file their return by just sending an SMS. They don’t need to come to the portal. Under GST, every registered person or business has to file returns even if there’s no business done. In 2017-18, nil turnovers accounted for 22.73% of returns filed during the year.
As many as 70.22% of those who filed returns in 2017-18 reported an annual turnover of less than Rs 5 crore. They can opt for quarterly returns.