The Central Board of Indirect Taxes and Customs (CBIC) vide notification dated 5th July 2022, on the recommendation of the GST Council, has exempted the registered person whose aggregate turnover in the financial year 2021-22 is up to two crore rupees, from filing annual return.
As per section 44 of the Central Goods and Services Tax Act, 201, Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed.
Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section.
Therefore through this notification, the council has exempted the registered person from filing an annual return whose aggregate turnover in the financial year 2021-22 is up to Rs. 2 crores.
