Seeks to exempt the registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees, from filing annual return for the said financial year
Exemption from Filing Annual Returns for Small Businesses (Section 44)
The Government of India's Ministry of Finance, through the Department of Revenue's Central Board of Indirect Taxes and Customs, issued a notification (No. 32/2023 – Central Tax) on July 31, 2023. This notification, under the authority of Section 44 of the Central Goods and Services Tax Act, 2017, provides an exemption for certain small businesses from filing an annual return for the financial year 2022-23. Specifically, registered individuals or businesses whose total turnover does not exceed two crore rupees during this period are not required to submit an annual return. This decision was made following recommendations from the relevant council. The notification was authorized by the Commissioner and is intended to ease the compliance burden on small businesses.
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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NOTIFICATION No. 32/2023 – Central Tax
New Delhi, dated the 31st July, 2023
G.S.R……..(E).—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 Commissioner, on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees, from filing annual return for the said financial year.
