GST Annual Return Filing Liberalised

The CBIC has announced a new rule in Central Goods and Services Tax (Sixth Amendment) Rules, 2021 to be effective from August 1st, 2021. As per the Government Notification, there is a significant relief for taxpayers having turnover up to Rs. 2 Crores. The relief is that businesses with up to ₹2 crore annual sales in Financial Year 2021 need not file annual returns for that year.