GoI facilitates filling of NIL GST Return through SMS
The Government of India has allowed taxpayers to fill their NIL GST monthly reurn form through SMS. This will improve ease of GST compliance to more than 22 lakh taxpayers.
The facility of filing the NIL form through SMS has been made available in GSTN portal. The portal also allows the users to track their returns.
What is NIL GST return?
The GST return has to be filed by every registered person irrespective of business profits. If there are no invoices issued in a month then NIL GST return is filed.
When is NIL GST filed?
The NIL GST is filed when a registered GST payer has not turned out taxable supplies for which the return is to be prepared.
The GST is the single tax imposed on goods and services. The GST bill was first introduced in 2014 as the Constitution (122nd) Amendment bill. The major provisions include
- Article 246A: State have powers to tax goods and services.
- Article 279A: GST Council is formed by the President to govern GST. It is chaired by the Union Finance Minister.
Month: Current Affairs - June, 2020
Category: Economy & Banking Current Affairs