Breaking News: In a move that will be welcomed by countless small businesses across India, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 14/2024 on 10th July, 2024. This notification brings significant relief by raising the threshold limit for filing the Goods and Services Tax (GST) Annual Return (GSTR-9) for the financial year (FY) 2023-24.
Previously, all registered businesses under GST, irrespective of their turnover, were mandated to file the GSTR-9. This requirement could pose a significant burden for small businesses, often lacking the dedicated resources for complex tax filings. The new notification ushers in a wave of positive change.
Understanding the GSTR-9 Threshold Limit Hike
The new threshold limit for filing the GSTR-9 for FY 2023-24 has been increased to Rs. 2 crore Aggregate Annual Turnover (AATO). This means any business with an AATO of up to Rs. 2 crore is now exempt from filing the GSTR-9 for the aforementioned financial year.
Benefits for Small Businesses: A Brighter Compliance Landscape
The revised GSTR-9 threshold limit offers a multitude of advantages for small businesses:
- Reduced Compliance Burden: Exemption from filing GSTR-9 eliminates a significant compliance requirement for small businesses. This frees up valuable time and resources that can be directed towards core business activities.
- Simplified Tax Administration: With one less form to file, the tax administration process becomes more streamlined for small businesses. This can minimize errors and potential penalties associated with complex filings.
- Cost Savings: The exemption can lead to cost savings for small businesses. These savings can be attributed to reduced expenses associated with professional help for filing GSTR-9 and the potential for fewer penalties due to simplified compliance procedures.
- Focus on Growth: By alleviating the burden of GSTR-9 filing, small businesses can dedicate their energy towards growth strategies, innovation, and exploring new market opportunities.
Read Notification
https://taxinformation.cbic.gov.in/view-pdf/1010099/ENG/Notifications
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