BIG UPDATE: Annual Return Filing in Form GSTR-9 For Turnover up to Rs. 2 Crores

The CBIC also stated in a tweet that taxpayers with an annual turnover of up to Rs. 5 Crores are no longer required to file a reconciliation statement in Form GSTr-9C, as it has been waived.

For taxpayers with an annual turnover of up to Rs. 2 crore, the Central Board of Indirect Taxes & Customs (CBIC) has removed the obligation of filing the Annual Return in Form GSTR-9.

The CBIC, through a tweet, also made an announcement regarding the waiver of the obligation for taxpayers with an annual turnover of up to Rs. 5 crore to file a reconciliation statement in Form GSTR-9C.

The objective behind this measure is to alleviate the compliance burden on small taxpayers by exempting them from filing the GST annual returns through Form GSTR-9. 

This form is typically used by regular taxpayers, SEZ units, and SEZ developers to fulfill their annual return obligations under the GST system.

Also Read: Physical Verification Likely to be Implemented by GST Council for High-Risk Category Cases