The central board of indirect taxes and customs (CBIC) has notified certain procedural changes in the GST rule, including those related threshold, for filling annual return for the 2021- 22 fiscal, a move that will help ease the compliance burden on small players. The Good and Services Tax (GST) Council reviewed the modifications at its meeting last week.
With the CBIC’s changes, businesses are now able to pay their taxes on the GSTN portal utilising the IMPS AND UPI modalities. Businesses that had a combined annual revenue of up to Rs 2 crore in the fiscal year that concluded on March 31, 2022, are excused from filing an annual return for 2021–2022 as per the amended rules
