RegistrationKraft

Reduction in Compliance Burden for Small Businesses

To reduce compliance burden for small businesses, the Government of India (GOI) has come up with various policy initiatives from time to time. This has facilitated ease of doing business for the small businesses.

Let’s take a look at the various initiatives of GOI for small businesses:

  • For inter-state supply of services up to Rs. 20 lakh (Rs. 10 lakh for specified states and UTs), GST registration is not required.
  • For intra-state supply of goods up to Rs. 40 lakh (Rs. 20 lakh for specified state and UTs), GST registration is not a requirement.
  • For taxpayers with annual turnover which does not exceed Rs. 2 crore, the requirement of filing Annual Return in Form GSTR-9 has been waived off.
  • Additionally, the requirement of filing the Reconciliation statement in Form GSTR-9 by taxpayers with an annual turnover up to Rs. 5 crore has been waived off.
  • To provide relief to the taxpayers, various amnesty schemes have been introduced by GOI.
  • Small and unregistered businesses are permitted to make supplies through e-Commerce Operators (ECOs).
  • Composition scheme for small businesses with turnover up to 1.5 crore needs to pay tax equal to 1-5% of the total turnover.

By Shahrukh Ansari

Shahrukh has a keen understanding of SEO principles and extensive experience when it comes to writing for various industries and niches.

Leave a Reply

Your email address will not be published. Required fields are marked *