Key Changes in GST Compliance: Notification No. 14/2024-Central Tax

Simplified Explanation of Notification No. 14/2024-Central Tax

**1. Notification Overview:

This notification provides an exemption for certain registered persons from filing their annual GST return for the financial year 2023-24.

**2. Key Provision:

**A. Exemption Criteria:

• Turnover Limit: Registered persons whose aggregate turnover for the financial year 2023-24 is up to ₹2 crore.
• Exemption: These persons are exempt from filing the annual return for the financial year 2023-24.

**B. Effective Date:

• This exemption is effective from July 10, 2024.

**3. Explanation with Example:

• What It Means:
  • If a registered person’s total sales or turnover in the financial year 2023-24 is ₹2 crore or less, they are not required to file the annual GST return for that year.
• Example:
  • Scenario: A small business had an aggregate turnover of ₹1.5 crore in the financial year 2023-24.
  • Impact: This business is exempt from filing the annual GST return for that year. They still need to comply with regular GST filings (like monthly or quarterly returns) but do not need to file the comprehensive annual return.

**4. Summary:

• Registered persons with an aggregate turnover of up to ₹2 crore in the financial year 2023-24 are not required to file the annual GST return for that year.
• This measure aims to reduce compliance burden for smaller businesses.
• The exemption applies from July 10, 2024.