In order to reduce compliance burden of small taxpayers, the requirement for filing annual return in Form GSTR-9 has been waived for those with annual turnover up to Rs 2 crore, the Central Board of Indirect Taxes & Customs (CBIC) said in a tweet.
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Additionally, the requirement of filing reconciliation statement in Form GSTR 9C by taxpayers with annual turnover up to Rs 5 crore has been waived.
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including Special Economic Zone (SEZ) units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. On the other hand, Form GSTR-9C is a reconciliation statement between the annual GSTR-9 of a financial year and the audited financial statements of the taxpayer.
The announcement from CBIC comes at a time when the biggest indirect tax reform in India celebrates its sixth anniversary. As per reports, GST revenue of Rs 1.5 lakh crore every month seems to have become the new normal. So from big rate rationalisations to GST compensation worries, the Centre’s energies are now completely focused on nabbing tax evaders and fake registrations.
First Published: Jul 4, 2023 1:41 PM IST
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