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Tuesday, January 19, 2021

MSME taxpayers may file GST return via SMS

There have been demands from the tax payers, mostly in the MSME sector, that GST be charged on receipt of payment instead of the tax liability coming to them on the date of issuance of invoice or receipt of payment whichever is earlier.

By: ENS Economic Bureau | New Delhi | December 8, 2020 3:09:38 am
There have been demands from the tax payers, mostly in the MSME sector, that GST be charged on receipt of payment instead of the tax liability coming to them on the date of issuance of invoice or receipt of payment whichever is earlier.

The MSME taxpayers will no longer require to log on to the GST portal to file their return. Instead they can file their return through an SMS helping to reduce their cost of compliance.

Ajit Kumar, chairman, Central Board of Indirect Taxes & Custom at a session of the Bharat Chamber of Commerce, said: “MSME tax payers,with nil liability, can file GST return by a mere SMS.This will improve the ease of doing business, particularly during the COVID-19 onslaught”.

There have been demands from the tax payers, mostly in the MSME sector, that GST be charged on receipt of payment instead of the tax liability coming to them on the date of issuance of invoice or receipt of payment whichever is earlier. This causes blockage of working capital, putting much pressure on the liquidity.

Though Kumar remained non-commital to the proposal, he said, the Customs department rolled out the nationwide faceless assessment system for shipment clearances at every port from 31st October providing maximum benefit to the industry, once again saving their costs of compliance. —FE

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