Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in written reply to a question in Rajya Sabha on 2nd march 2020 informed that Department of Revenue has no proposal at this stage to introduce quarterly GST payment schedule for MSMEs whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.
The Small and Medium sector companies has got the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs. 5 crore.
Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017.
Relevant Press Release is as follows-
Ministry of Micro,Small & Medium Enterprises
Provision for Quarterly Payment of GST by MSMEs
Posted On: 02 MAR 2020
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.
Department of Revenue have informed that there is no such proposal at this stage.
Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017.
This information was given by Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in written reply to a question in Rajya Sabha today.
