Annual Return Filing Exemption for Small Businesses in FY 2023-24

Last updated: 12 July 2024

 Notice Date : 10 July 2024

Quick Summary
Small businesses in India with an aggregate turnover of up to two crore rupees in the financial year 2023-24 are now exempt from filing their annual Goods and Services Tax (GST) return. This exemption has been granted by the Central Board of Indirect Taxes and Customs (CBIC) under the Central Goods and Services Tax Act, 2017. This measure aims to simplify compliance for smaller enterprises.

GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE)CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS NOTIFICATION No. 14/2024 Central Tax New Delhi, the 10th July, 2024 G.S.R. ......(E). In exercise of the powers conferred by the first proviso to section 44 of the Central Goods and Services
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FAQ :

Registered persons whose aggregate turnover in the financial year 2023-24 is up to two crore rupees are eligible for the exemption.

This exemption applies to the financial year 2023-24.

The aggregate turnover threshold is up to two crore rupees.

The notification was issued by the Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance, Government of India.

The filing of the annual return for the financial year 2023-24 is being exempted for eligible registered persons.

 

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