Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« GST - Goods and Services Tax »
Open DEMAT Account in 24 hrs
 State government extends due date for filing GST returns for November
 GSTN Introduces the e-Invoice Verifier App: All You Need to Know
 Income tax return filing: What is ITR 1 Sahaj form? Check eligibility and steps to file online
 GST council may consider setting up tribunal for indirect tax litigation
 GST Council may lower tax on health insurance
 GST Annual Return: CBIC amends GSTR-9 to Allow IRC Claims and Amendment of Invoices till 30th Nov
 GST (Tax) E-invoice Must For Businesses With Over 5 Crore Annual Turnove
 GST Portal Releases Module-wise New Functionalities deployed on the Portal for Taxpayers
 GST on betting and gambling: Tax structure and liabilities in case of default
 Budget to reset tax laws to decriminalise sections in I-T, GST: Finance Ministry
 In relief to tenants, AAR allows tax credit on GST paid on upfront lease premium

Big relief to small traders! Now file GST returns with through SMS
October, 27th 2020

Another process of filing GST returns has been made easier for small traders. The GST Network (GSTN) has started the facility of filing quarterly returns through SMS for composition taxpayers with NIL returns. A total of 17.11 lakh taxpayers are registered under the composition scheme, out of which 20 percent or 3.5 lakh taxpayers are NIL returns.

This means that small traders or small business houses which do not have any GST dues or tax liability can now file their GST returns by just sending an SMS. They will not need to visit the GST portal. However, the business houses which have to pay tax will not be able to avail this facility.

“Composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to be submitted by Composition Taxpayers,” a statement by Goods and Services Tax Network (GSTN), said.

Here is how to file tax return through SMS GSTN:

1. The assessee will have to type 'NIL <space> C8 <space> GSTIN <space> Return Period' in their mobile and send it to 14409.2. After sending SMS, the taxpayer will get 6 digit verification code on his mobile.3. This 6 digit code has to be sent again to 14409 so that NIL form CMP-08 can be confirmed.4. GST portal will send the application reference number (ARN) to taxpayers on mobile and e-mail.5. The taxpayer can now view the status of Form CMP-08 on the GST portal, where it will appear 'Filed'.

It may be noted that if the taxpayer did not send the SMS in the manner specified, then his return will not be filed.

Who are composition taxpayers

Composition taxpayers are those whose annual turnover is Rs 1.5 crore or less. Such taxpayers have to deposit GST at the rate of 1 percent, 5 percent and 6 percent. The 1 percent rate is for manufacturers and traders, 5 percent is for restaurants and 6 percent for other service providers. These taxpayers only have to file tax returns on a quarterly basis. They do not get the benefit of input tax credit and also cannot issue tax invoices.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting