CBIC Exempts Taxpayers with Turnover Up to ₹2 Crore from Filing Annual Returns for FY 2023-24

By: Admin July 11, 2024 Categories: 53rd GST Council Meet | Notification & Circular

Background

In the 53rd GST Council meeting held on June 22, 2024, in New Delhi, the council recommended exempting taxpayers with an aggregate annual turnover of up to ₹2 crore from filing Annual Returns in FORM GSTR-9/9A for the financial year 2023-24.

Notification

Following this recommendation, the CBIC has issued Notification No. 14/2024 – Central Tax dated July 10, 2024. This notification, under the first proviso to Section 44 of the CGST Act, exempts registered persons whose aggregate turnover in the financial year 2023-24 is up to ₹2 crore from filing the annual return for that financial year.

Effect of the Notification

With this notification, registered taxpayers whose aggregate turnover does not exceed ₹2 crore for the financial year 2023-24 are no longer required to file Annual Returns in FORM GSTR-9/9A. This exemption aims to reduce compliance burdens for small taxpayers.

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