In order to avoid the last minute rush of return filers, the government has decided to allow taxpayers to file their GSTR-3B returns in a staggered manner. The government has taken this initiative in wake of the difficulties faced by trade and industry in filing of returns.
In its Budget wishlist, exporters’ body FIEO has demanded introduction of “Double Tax Deduction Scheme for Internationalization of MSMEs” to allow MSMEs to deduct against their taxable income, twice the qualifying expenses incurred for approved overseas activities including market preparation, market exploration, market promotion and market presence.
The Union Budget 2020 should focus on creating a coherent and viable policy framework for lending to MSMEs, including making it a core business activity for banks.
Nod to shut down operations of Hindustan Fluorocarbons
Small businesses and traders will get a bit more time than their larger counterparts every month in filing Goods and Services Tax (GST) returns as per a new schedule the government announced on Wednesday to reduce pressure on the IT systems.
In a major relief for small traders with an annual turnover of Rs 5 crore or less, the government on Wednesday announced the extension of the cut-off date for filing monthly GST returns by up to 4 days.