The Government has notified changes in the Goods and Services Tax (GST) rules, in order to ease the compliance burden on small players. The changes were considered in the GST Council meeting last week.
As per the amendment notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended 31th March, 2022 are exempt from filing annual returns for 2021-22.
Further, businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes. However, no extensions have been provided for any other financial year.