Important Keywords: Notification No. 32/2023 – Central Tax, Exempt the registered person, Aggregate turnover, two crore rupees, F. No. CBIC-20006/20/2023-GST, Notification No. 32/2023 CT, Section 44 CGST,
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[F. No. CBIC-20006/20/2023-GST]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
New Delhi, dated the 31st July, 2023
Notification No. 32/2023 – Central Tax: Seeks to exempt the registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees, from filing annual return for the said financial year.
Table of Contents
CGST: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (i)]
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 2022-23 is up to two crore rupees, from filing annual return for the said financial year.
(Alok Kumar)
Director
Frequently Asked Questions (FAQs)
What is Notification No. 32/2023 – Central Tax?
Notification No. 32/2023 – Central Tax is a recent announcement that exempts registered persons with an aggregate turnover of up to two crore rupees in the financial year 2022-23 from filing an annual return.
Who qualifies as a registered person under Notification No. 32/2023 CT?
A registered person under Notification No. 32/2023 CT refers to individuals or businesses that are registered under Goods and Services Tax (GST) in India.
What is the significance of aggregate turnover in this notification?
Aggregate turnover is crucial as it determines eligibility for exemption; if a registered person’s aggregate turnover is up to two crore rupees in the financial year 2022-23, they are exempt from filing the annual return.
How does Notification No. 32/2023 – Central Tax affect filing annual returns?
Notification No. 32/2023 – Central Tax allows eligible registered persons to avoid the burden of filing an annual return, streamlining their compliance process.
What is the aggregate turnover limit set by Notification No. 32/2023 CT?
The aggregate turnover limit set by Notification No. 32/2023 CT is two crore rupees for the financial year 2022-23.
Can registered persons with an aggregate turnover exceeding two crore rupees benefit from this notification?
No, registered persons with an aggregate turnover exceeding two crore rupees in the financial year 2022-23 do not qualify for the exemption provided by Notification No. 32/2023 – Central Tax.
What financial year does Notification No. 32/2023 CT cover?
Notification No. 32/2023 CT covers the financial year 2022-23.
Is there a deadline for registered persons to follow regarding this exemption?
While Notification No. 32/2023 – Central Tax provides exemptions, registered persons should ensure they comply with any additional requirements set by GST authorities for the financial year 2022-23.
How can registered persons verify their eligibility for the exemption under Notification No. 32/2023 CT?
Registered persons can verify their eligibility by calculating their aggregate turnover for the financial year 2022-23 and checking if it is within the two crore rupees limit.
What should registered persons do if they are uncertain about their status under Notification No. 32/2023 – Central Tax?
If uncertain, registered persons should consult with a tax professional or GST consultant to clarify their status and ensure compliance with the provisions of Notification No. 32/2023 – Central Tax.
The above content & below document is sourced from: https://taxinformation.cbic.gov.in/
