Relief for Small Businesses:
The Commissioner, based on Council recommendations, exempts businesses with up to two crore rupees turnover in FY 2020-21 from filing annual returns.
Section 44 Proviso:
The exemption is granted under the first proviso to section 44 of the Central Goods and Services Tax Act, 2017.
Financial Year 2020-21 Exemption:
Registered persons falling within the specified turnover limit are relieved from the obligation to file annual returns for the mentioned financial year.
Effective Date:
The notification is effective from August 1, 2021.
Administrative Easing:
Aimed at easing compliance burdens, the measure is designed to benefit smaller businesses.
Facilitating Business Operations:
The exemption aligns with efforts to support small enterprises, allowing them to focus on business operations.
Simplified Compliance Approach:
This move is part of ongoing efforts to simplify GST compliance for businesses with limited resources.
This exemption offers respite to small businesses, reducing regulatory requirements and fostering a more business-friendly environment.