Important Keywords: Notification No. 14/2024 – Central Tax: Seeks to exempt the registered person whose aggregate turnover in FY 2023-24 is upto Rs. two crores, from filing annual return for the said financial year, Section 44 CGST Act 2017, [F. No. CBIC-20006/21/2024-GST],
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Table of Contents
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
New Delhi, the 10th July, 2024
Notification No. 14/2024 – Central Tax: Seeks to exempt the registered person whose aggregate turnover in FY 2023-24 is upto Rs. two crores, from filing annual return for the said financial year.
G.S.R (E).— In exercise of the powers conferred by the first proviso to section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2023-24 is up to two crore rupees, from filing annual return for the said financial year.
[F. No. CBIC-20006/21/2024-GST]
(Raghavendra Pal Singh)
Director
Frequently Asked Questions (FAQs)
Q1: What is Notification No. 14/2024 – Central Tax?
Answer:
Notification No. 14/2024 – Central Tax provides an exemption from filing the annual GST return (Form GSTR-9) for businesses whose aggregate turnover in the financial year 2023-24 does not exceed ₹2 crore. This relief is aimed at reducing compliance burdens for small businesses.
📌 Need expert guidance? Consult a GST professional at Finodha for compliance and advisory services.
Q2: Who is eligible for exemption under Notification No. 14/2024 – Central Tax?
Answer:
The exemption applies to registered taxpayers whose total turnover in FY 2023-24 is ₹2 crore or less. However, businesses must still comply with other GST return filing requirements.
📌 Check your GST compliance status with Finodha to ensure proper filings.
Q3: Is GSTR-9 completely waived for eligible taxpayers?
Answer:
Yes, eligible businesses are not required to file GSTR-9 for FY 2023-24. However, they can still file it voluntarily if they wish to maintain detailed compliance records.
📌 Need help with GST return filing? Finodha’s experts are here to assist.
Q4: Does this exemption apply to all taxpayers under GST?
Answer:
No. Only regular taxpayers under the composition scheme and small businesses with turnover up to ₹2 crore qualify. Businesses exceeding this limit must mandatorily file their annual GST returns.
📌 Ensure you are compliant with GST laws before skipping the filing.
Q5: What happens if a business with a turnover under ₹2 crore still files GSTR-9?
Answer:
There are no penalties for voluntary filing. If a business prefers to keep detailed compliance records, they may still file their GSTR-9, even if not required.
📌 Get expert assistance for GST filing to avoid errors and maximize compliance benefits.
Q6: Does this notification impact GSTR-9C reconciliation statements?
Answer:
No, GSTR-9C (reconciliation statement) is already required only for businesses with turnover above ₹5 crore. This notification does not affect those rules.
📌 Consult a GST expert to clarify return filing requirements for your business.
Q7: How can businesses confirm if they qualify for this exemption?
Answer:
✔️ Check your aggregate turnover for FY 2023-24 through GST filings.
✔️ Consult your tax consultant to verify your eligibility.
✔️ Use the GST portal to track return filing obligations.
📌 Not sure if you qualify? Speak to a Finodha GST expert today!
Q8: What are the consequences of not filing GSTR-9 if my turnover exceeds ₹2 crore?
Answer:
If your turnover exceeds ₹2 crore and you fail to file GSTR-9, you may:
🚨 Face penalties for non-compliance.
🚨 Encounter legal complications during audits.
🚨 Be unable to rectify tax errors or discrepancies.
📌 File your GST returns correctly with Finodha and avoid penalties.
Q9: Where can I find the official text of Notification No. 14/2024 – Central Tax?
Answer:
You can access the official notification on:
✔️ The CBIC website (https://www.cbic.gov.in) under the GST notifications section.
✔️ The GST portal (https://www.gst.gov.in) for compliance updates.
✔️ Finodha’s GST compliance section for expert breakdowns of amendments.
📌 Stay updated on GST law changes with Finodha.
Q10: How can Finodha help businesses adapt to Notification No. 14/2024 – Central Tax?
Answer:
✅ Expert GST consultation to verify your eligibility for exemption.
✅ Hassle-free GST compliance tailored to your business.
✅ GST return filing assistance to ensure accurate reporting.
✅ Regular updates and advisory services for smooth tax compliance.
📌 Book a consultation with Finodha and ensure your business stays GST-compliant.
Download PDF: Notification No. 14/2024 – Central Tax
More Information: https://taxinformation.cbic.gov.in/
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