A year after GST, small businesses report huge drop in sales: Report – India Tribune

  • Press Release|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 27 October, 2020
“The biggest challenge for SMEs was the filing of multiple returns — GSTR 1, 2 and 3 on a monthly basis,” said Aditya Singhania, DGM, GST at Taxmann.
“As SMEs found it impractical to handle the quantum of the returns, the GST Council took note of their complaints and introduced an alternative, single GSTR-3B return which is to be filed on a monthly basis, along with the quarterly GST returns. Businesses with a turnover of less than 1.5 crore can opt for composition scheme…the simpler the return format is, the lower will be the compliance burden on SMEs,” he added.
New rules dictate that a GSTR3-B return has to be filed each month by a registered taxpayer, even if they have zero sales in a particular month. “It has been noted that 27% of the taxpayers file nil returns”, said Singhania. This is avoidable work for small businesses which, more often than not, are strapped for resources.


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