The Central Board of Indirect Taxes and Customs ( CBIC ) under the Department of Revenue, Ministry of Finance, has officially notified the exemption for taxpayers having less than Two Crores of Aggregate Annual Turnover ( AATO ) from filing the Goods and Services Tax ( GST ) Annual Return GSTR-9.
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc.
Under the Notification No. 14/2024 – Central Tax, issued yesterday ( July 10, 2024 ), the government has exercised its powers conferred by the first proviso to section 44 of the Central Goods and Services Tax Act, 2017.
The notification specifically exempts Goods and Services Tax registered persons with an aggregate turnover up to two crore rupees in the financial year 2023-24 from filing annual returns for the same period. The move eases compliance burdens for small businesses having an aggregate annual turnover under the threshold limits.
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