GST Notification – 14/2024:

Notification No. 14/2024-Central Tax, issued on July 10, 2024, under the authority of the Central Goods and Services Tax Act, 2017, exempts registered persons with an aggregate turnover not exceeding two crore rupees in the financial year 2023-24 from filing annual returns. This exemption is granted in accordance with the first proviso to section 44 of the CGST Act, which allows the government to exempt certain categories of taxpayers based on turnover criteria.

The rationale behind this exemption is to alleviate the compliance burden on small businesses and taxpayers with lower turnovers. It acknowledges the challenges they face in terms of administrative resources and aims to facilitate easier compliance with GST regulations. The decision reflects the government’s commitment to supporting small enterprises and promoting ease of doing business under the GST regime, aligning with recommendations from the GST Council to enhance operational efficiencies and foster economic growth.