The Central Board of Indirect Taxes and Customs has issued a notification exempting registered taxpayers with an aggregate turnover of up to Rs 2 crore from filing their GST annual return for the financial year 2020-21. This exemption comes into effect from 1st August 2021. The decision was made based on recommendations from the Council.
The Central Board of Indirect Taxes and Customs, via Notification No. 31/2021 -Central Tax has exempted taxpayers having an aggregate turnover of Rs. 2 crores from the requirement of filing an annual return for FY 2020-21. This notification shall come into force from 1st August 2021 onwards.
The relevant text of the notification is as follows:
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 Commiss
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FAQ :
Registered taxpayers whose aggregate turnover in the financial year 2020-21 was up to Rs 2 crore are exempt from filing the annual return.
The aggregate turnover threshold is Rs 2 crore for the financial year 2020-21.
This exemption comes into force from 1st August 2021.
This exemption applies to the financial year 2020-21.
The Central Board of Indirect Taxes and Customs (CBIC) issued this exemption via Notification No. 31/2021 - Central Tax.