Quarterly Return Filings for All Taxpayers Not Workable: Finance Minister
Updated on: Jul 13th, 2021
|
1 min read
Updates from 09th May, 2017
Finance Minister Mr. Arun Jaitley gave a statement saying that quarterly return filings could not be made possible for all taxpayers, as the input tax credit flow will suffer if this is made the norm. As per the GST law, only those taxpayers whose annual turnover is less than INR 50 lakhs can avail of quarterly return filing under the Composition Scheme.
However, these taxpayers will not be able to claim any input tax credit. Mr. Jaitley also refuted the claim that the GST law has increased the number of returns needed to be filed. Every taxpayer has to file an initial return on the 10th of every month, and the other two returns will be auto populated.
As reported in Economic Times
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
Cleartax is a product by Defmacro Software Pvt. Ltd.
Company PolicyTerms of use
ISO 27001
Data Center
SSL Certified Site
128-bit encryption