New Delhi: The GST Council on Friday provided the much-needed relief to businesses by easing return filing requirements as well as lowering the penalty for late filing. The turnover threshold for the GST composition scheme has been raised to Rs 1.5 crore from Rs 1 crore. In the run-up to the meeting, there was speculation that small businesses would be permitted to undertake inter-state sales. Those with turnover of under Rs 1.5 crore have much to rejoice about," Archit Gupta, founder & CEO of ClearTax, said. Tax payers with an annual aggregate turnover of above Rs 1.5 crore have to file GSTR-1 on a monthly basis.

Source: The Telegraph November 10, 2017 21:22 UTC