GST Return: The government has declared that small business owners won't need to submit returns, which is good news

 GST Return: The government has declared that small business owners won't need to submit returns, which is good news

Benefit of GST: Small company owners would feel a great deal of comfort from this Finance Ministry move. The ministry tweeted its announcement of the choice.

Through its social media account X, which was once Twitter, the Finance Ministry has shared positive news with GST dealers. According to the government, small dealers won't need to complete an additional form.

The tweet states that small taxpayers would no longer need to fill out a form if their annual revenue is up to Rs 2 crore.

This is GSTR-9 form. This document was included with the yearly report. Traders doing business up to Rs 2 crore would no longer be required to pay this, according the new regulations.

The Finance Ministry has referenced this decision's notice number, 32/2023-CT. The Finance Ministry released this announcement on January 31, 2023.

The Finance Ministry has provided statistics showing a rise of over 34 lakh individuals in the previous three years who are paying GST tax. 1.39 crore persons would have filed their GST by April 2023.