The government may soon scrap the annual return filing and audit filing of the small business firms and taxpayers with turnover up to 5 crores. It is being speculated that the GST council meeting on 20th September may take some important decisions.
Under the speculation, it is said that the meeting would discard the annual return filing and audit report for the financial year 2017-18 for the taxpayers having an annual turnover of less than 5 crores.
This decision may give relief to over 85 per cent of assessees and the matter of the fact is that the industry also demanding to scrap the annual return filing for the FY 2018-19 also.
There is already an extension of annual return filing due date is going on till 30th November and still, the taxpayers haven’t filed the annual returns.
Also, the news of discarding the annual return form for the small taxpayers have given the point to the taxpayers to not file the annual return till now.
The association chief has also expressed the same relief by stating that the discarding of annual return for small businesses is better and must be extended to the 2018-19 FY also.
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As per the statement by the federation of all India business association, there is no boost in the filing of annual return forms as the form takes the data of previous data which may be incorrect thus can not be edited.
