GST Council can look at hiking filing threshold beyond Rs 5 cr
New Delhi, July 23 : The GST Council could consider raising the threshold for quarterly filing of returns and monthly tax payments to above the Rs 5 crore turnover decided last week in order to facilitate smaller businesses to grow, acting Finance Minister Piyush Goyal said on Monday.
Besides approving rate reductions for 88 consumer items, the Goods and Services Tax (GST) Council, at its 28th meeting here on Saturday, announced quarterly return-filing and monthly tax payments for businesses with annual turnover of up to Rs 5 crore as against the current threshold of Rs 1.5 crore.
This move will benefit 93 per cent of registered GST taxpayers, while only 7 per cent of them will be filing monthly returns, Goyal said at a convention here organised by the Confederation of All India Traders (CAIT).
"The GST Council decided to raise the threshold to Rs 5 crore so that businesses that go over Rs 1.5 crore turnover do not face taxation hassles," Goyal said.
"I want trade and business to grow and flourish. If their business goes above Rs 5 crore, we are prepared to raise the limit even further," he said.
He also said that the simplified return forms approved by the Council required the assessee to only file the sales data and the amount of tax and input tax credit would be automatically indicated by the system.
The implementation of the revamped return filing process would take some time as corresponding changes would have to be made in the GST Network (GSTN), the Minister added.
The GST rate reductions and clarifications by the Council on Saturday will come into effect from July 27.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
National Synodal Assembly 2026 begins in Bengaluru with over 220 delegates
Bengaluru: The Conference of Catholic Bishops of India (CCBI) on May 1 inaugurated its National Synodal Assembly 2026 at St. John’s Medical College, bringing together more than 220 delegates from across the country under the theme Synodal Pilgrims of Hope.
The assembly is part of the global synodal process initiated in 2021 by Pope Francis, which calls for greater participation, dialogue and shared responsibility within the Church. In India, the process has involved consultations at diocesan, regional and national levels.
Participants at the assembly include two Cardinals, 25 Bishops, 65 priests, more than 20 women religious, and over 100 lay faithful, including youth and women leaders.
The gathering began with a Eucharistic celebration led by Filipe Neri Ferrão. In his homily, he described the assembly as a moment of grace and discernment and called on delegates to walk together in prayer, listening and missionary commitment.
He spoke about the importance of the Risen Christ in the mission of the Church and urged the faithful to be witnesses of the Gospel. Referring to the conversion of St Paul, he said every baptised person has a role in spreading the message of Christ. He also highlighted the example of St Joseph the Worker, stressing the dignity of labour and the call to holiness in everyday life.
The formal inauguration included the invocation of the Holy Spirit through Veni Creator Spiritus and the lighting of the ceremonial lamp. Deputy Secretary General Fr. Stephen Alathara welcomed the delegates and described the gathering as a spiritual journey.
In his presidential address, Cardinal Ferrão referred to the CCBI pastoral plan titled Journeying Towards a Synodal Church: Mission 2033 and called on participants to build on the vision outlined at the 36th Plenary Assembly held in Bhubaneswar in 2025.
Delegates will reflect on four key themes identified from 16 pastoral priorities: interreligious dialogue and peacebuilding, inclusion of the excluded, poverty and integral ecology, and support for children and youth.
The discussions are being conducted through a method of spiritual conversation aimed at encouraging listening, dialogue and collective decision-making. The focus is on translating these discussions into practical actions within the Church.
The assembly also looks ahead to the Jubilee Year 2033, which will mark 2,000 years of the Redemption, and aims to strengthen the Church’s mission in the coming years.
Further consultations are scheduled for September 2026, with the process expected to conclude at the 38th Plenary Assembly of the CCBI in January 2027.
Organisers said the assembly seeks to strengthen unity within the Church and promote participation of all sections, including women and youth, in shaping its future direction.
