GST Council announces automatic GST registration closure for low-risk taxpayers
The GST Council just announced some big changes:
If you're a low-risk taxpayer (think monthly credits under ₹2.5 lakh), closing your GST registration could soon be automatic and much quicker, with your final return included right in the closure application.
This move should make life easier for about 90% of taxpayers seeking cancelation.
Reinstatement, annual filing, 5Cr prosecution threshold
Suspended registrations will get another shot; if you fix a missing return or missing bank details, you can get reinstated.
Taxpayers with turnover up to ₹5 crore who supply only to consumers will now have an optional filing scheme, approved in principle, letting them file a return once a year and pay tax quarterly.
Plus, transit checks are being limited to just the starting and ending states, and the bar for prosecution is set to rise from ₹1 crore to ₹5 crore, so fewer people will face harsh penalties over minor issues.