CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Fri, 12 Jul 2024 06:08:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 CBIC Exempts Taxpayers with Turnover up to ₹2 Crore from Annual Returns for FY 2023-24 https://www.nyca.in/cbic-exempts-taxpayers-with-turnover-up-to-2-crore-from-annual-returns-for-fy-2023-24/ https://www.nyca.in/cbic-exempts-taxpayers-with-turnover-up-to-2-crore-from-annual-returns-for-fy-2023-24/#respond Fri, 12 Jul 2024 06:08:56 +0000 https://www.nyca.in/?p=12232 The CBIC has announced an exemption for taxpayers with an aggregate turnover of up to ₹2 crore from filing Annual Returns in FORM GSTR-9/9A for the financial year 2023-24, effective July 10, 2024. Learn more about this important update.

The post CBIC Exempts Taxpayers with Turnover up to ₹2 Crore from Annual Returns for FY 2023-24 appeared first on CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases.

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Background:

During the 53rd GST Meeting of the GST Council on June 22, 2024, held in New Delhi, it was recommended to exempt taxpayers with an aggregate annual turnover of up to two crore rupees from filing Annual Returns in FORM GSTR-9/9A for the financial year 2023-24.

Notification:

The CBIC, through Notification No. 14/2024 – Central Tax dated July 10, 2024, has exercised its powers under the first proviso to Section 44 of the CGST Act to exempt registered persons whose aggregate turnover for the financial year 2023-24 is up to two crore rupees from filing the annual return.

Effect of the Notification:

Taxpayers with an aggregate turnover of up to two crore rupees in the financial year 2023-24 are not required to file Annual Returns in FORM GSTR-9/9A.

The Notification can be accessed at:
https://www.nyca.in/wp-content/uploads/2024/07/Notification_No._14_2024_–_Central_Tax_10.7.2024.pdf

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The post CBIC Exempts Taxpayers with Turnover up to ₹2 Crore from Annual Returns for FY 2023-24 appeared first on CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases.

]]> https://www.nyca.in/cbic-exempts-taxpayers-with-turnover-up-to-2-crore-from-annual-returns-for-fy-2023-24/feed/ 0 CBIC Lowers Reporting Threshold for B2C Inter-State Supplies to Rs. 1 Lakh https://www.nyca.in/cbic-lowers-reporting-threshold-for-b2c-inter-state-supplies-to-rs-1-lakh/ https://www.nyca.in/cbic-lowers-reporting-threshold-for-b2c-inter-state-supplies-to-rs-1-lakh/#respond Fri, 12 Jul 2024 05:08:39 +0000 https://www.nyca.in/?p=12214 CBIC reduces the threshold for reporting B2C inter-state supplies in Table 5 of FORM GSTR-1 from Rs. 2.5 Lakh to Rs. 1 Lakh. Effective August 01, 2024, registered taxpayers must report invoice-wise details for transactions above Rs. 1 Lakh.

The post CBIC Lowers Reporting Threshold for B2C Inter-State Supplies to Rs. 1 Lakh appeared first on CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases.

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Background:

In the 53rd GST Meeting of the GST Council held on June 22, 2024, in New Delhi, it was recommended to reduce the threshold for reporting B2C inter-state supplies invoice-wise in Table 5 of FORM GSTR-1 from Rs. 2.5 Lakh to Rs. 1 Lakh.

Notification:

CBIC, vide Notification No. 12/2024 – Central Tax dated July 10, 2024, exercised its powers under Section 164 of the CGST Act to reduce the threshold for furnishing details of outward supplies of goods or services or both in Table 5 of FORM GSTR-1 made to unregistered persons. This amendment lowers the reporting threshold from Rs. 2.5 Lakh to Rs. 1 Lakh, effective from August 01, 2024.

Effect of the Notification:

From August 01, 2024, registered taxpayers are required to report B2C inter-state supplies invoice-wise in Table 5 of FORM GSTR-1 for transactions valued above one lakh rupees.

The Notification can be accessed at:
https://www.nyca.in/wp-content/uploads/2024/07/Notification_No._12_2024_–_Central_Tax_10.7.2024-1.pdf

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The post CBIC Lowers Reporting Threshold for B2C Inter-State Supplies to Rs. 1 Lakh appeared first on CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases.

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