The traders who will be under this scheme will not need to file sales, purchase and tax returns every month. They will just need to file a Quarterly Return every quarter. A combined return will have to be filed at the end of the year, thus they will have to file a total of 5 returns in a year. Whereas the traders who are not eligible for this scheme have to file 37 returns in a year.
After the completion of the final quarter of the year, the businessmen availing this scheme have to file Quarterly Return in the form of GSTR-4 by the 18th of the next month. After the completion of the fifth return, it is mandatory to file it in the form of GSTR-8 by 31 December.
Let us tell you that not everyone can adopt this luxembourg whatsapp data scheme. Only those will be considered eligible for this scheme whose annual turnover is not more than ₹ 75 lakh, i.e. only those who deal in goods such as restaurants, wholesalers, retailers, MSMEs, manufacturers etc. can take advantage of this scheme, whose transactions do not go beyond the state boundary.
Benefits of GST
GST was introduced for the development of India's economy. After its introduction, there have been many effects on the Indian economy, which are positive. Following are the major benefits of the impact of GST on the Indian economy:
The introduction of GST has boosted the export and manufacturing activities of various services and products being manufactured in India, thereby leading India towards real economic growth.
This is creating more and more employment for the people, which is helping in eradicating poverty.
Through GST, a unified common national market was created for India, which has given a boost to initiatives like Make in India and foreign investment.
GST has had a positive impact on the Indian economy, along with this GST is also beneficial for consumers.
After the implementation of GST, now people have to pay only one tax instead of paying different types of taxes, thus now the tax system has become very simple.
Due to GST, the price of all common types of products manufactured across the country is same.
The prices of goods and services have come down due to the elimination of cascading. Before GST, people had to pay various types of taxes on everyday essential items like tooth paste, incense sticks, soap, shampoo etc. The tax value reached up to 31 percent.