New Delhi: The government has notified certain procedural changes in the Goods and Service Tax (GST) regulations, including those related to threshold, for filing annual returns for the 2021-22 fiscal, a move that will help ease the compliance burden on small players.
With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), companeis have also been permitt4d to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Companies with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022 are exempt from filing annual returns for 2021-22, as per the amended rules. KPMG in India Partner (Indirect Tax) Abhishek Jain said these changes will help the small players in undertaking compliances, and will lighten the burden for taxpayers with less than Rs 2 crore turnover to the extent of filing of annual returns under GST.
AMRG & Associates Senior Partner Rajat Mohan said other key changes include extension of time-limit specified under Section 73 under the GST Act for issuance of an order for FY 2017-18 to September 30, 2023.
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