GST Annual Return Filing Exemption for Small Businesses
Relief for Small Businesses:
In a strategic move, the Commissioner, with GST Council endorsement, exercises authority under section 44 of the CGST Act to provide relief to small businesses.
Financial Threshold:
Registered entities with an aggregate turnover up to two crore rupees for the financial year 2021-22 are now exempted from the obligation to file the annual return.
Proviso Invocation:
The exemption is enacted through the application of the first proviso to section 44 of the Central Goods and Services Tax Act.
Streamlined Compliance:
This measure aims to simplify compliance procedures for small businesses, acknowledging their contribution to the economy.
Council Recommendations:
The decision aligns with the continuous recommendations and efforts of the Goods and Services Tax Council.
Official Gazette Notification:
The exemption is officially communicated through a Gazette of India notification, ensuring clarity and transparency in the regulatory framework.
Effective Implementation:
The exemption is applicable for the financial year 2021-22, offering immediate relief to eligible businesses.
Note: This proactive exemption reflects a responsive approach to ease the compliance burden on smaller entities.