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

Background:

During the 53rd GST Meeting of the GST Council on June 22, 2024, held in New Delhi, it was recommended to exempt taxpayers with an aggregate annual turnover of up to two crore rupees from filing Annual Returns in FORM GSTR-9/9A for the financial year 2023-24.

Notification:

The CBIC, through Notification No. 14/2024 – Central Tax dated July 10, 2024, has exercised its powers under the first proviso to Section 44 of the CGST Act to exempt registered persons whose aggregate turnover for the financial year 2023-24 is up to two crore rupees from filing the annual return.

Effect of the Notification:

Taxpayers with an aggregate turnover of up to two crore rupees in the financial year 2023-24 are not required to file Annual Returns in FORM GSTR-9/9A.