Compliance Burden Reduced for Small Taxpayers
The Ministry of Finance has announced a significant reduction in compliance burden for small taxpayers. The move is expected to bring relief to many small businesses and individuals struggling with tax compliance.
Mon, 01 Jul 2024
The Ministry of Finance has announced a significant reduction in compliance burden for small taxpayers. According to the latest update, taxpayers with an annual aggregate turnover of up to Rs. 2 crore are no longer required to file Annual Return (Form GSTR-9). This move is expected to bring relief to many small businesses and individuals who have been struggling with the complexity of tax compliance.
The reduction in compliance burden comes as a result of the Government's efforts to simplify the Goods and Services Tax (GST) regime. Introduced seven years ago, GST has undergone several changes aimed at making it more user-friendly and reducing the administrative burden on taxpayers. This latest move is expected to further streamline the process, allowing small taxpayers to focus on their core business activities.
Compliance burden reduced for small taxpayers: Taxpayers having annual aggregate turnover upto Rs. 2 crore are not required to file Annual Return (Form GSTR-9). #7yearsofGST pic.twitter.com/jPdPAOu719
— Ministry of Finance (@FinMinIndia) July 1, 2024
The Annual Return Form GSTR-9 was introduced as part of the GST framework to facilitate the filing of annual returns by businesses. However, with this reduction in compliance burden, small taxpayers will no longer be required to file this form, freeing up resources and time for more important tasks.
This development is expected to have a positive impact on the economy, particularly for small and medium-sized enterprises (SMEs) that are the backbone of any country's economic growth. By reducing the compliance burden, the Government aims to create a more conducive environment for businesses to thrive and grow.
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