GST Network on Monday said it has launched the facility of filing quarterly returns by SMS for composition taxpayers with ‘NIL’ liability. Out of the total of 17.11 lakh taxpayers registered under the Composition Scheme, about 20 per cent or 3.5 lakh taxpayers are NIL return filers.
With this, 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.
“Taxpayers are advised to send SMS in the prescribed format to avail the benefits,” GSTN said in a statement.
Goods and Services Tax Network (GSTN), which provides the IT backbone of GST system, have already provided the facility to file NIL GSTR-3B (monthly summary return filed by normal taxpayers) and NIL GSTR-1, (monthly or quarterly return filed by normal taxpayers to disclose their outward supplies along with their tax liability) to the taxpayers.
With the extension of this facility to composition taxpayers, now over 35 lakhs taxpayers can file NIL returns offline through SMS, GSTN said.
GST composition scheme can be opted by any taxpayer whose turnover is up to Rs 1.5 crore. Under the scheme, manufacturers and traders are required to pay GST at 1 per cent, while it is 5 per cent for restaurants (which do not serve alcohol).
Source : Financial Express