CBIC recommends to relaxes MSMEs from filing Annual Return for FY 2017-18 and FY 2018-19

Sep 23, 2019 | by Avantis RegTech Legal Research Team

The Central Board of Direct Taxes on September 20, 2019, has given recommendation in its 37th meeting to relax the MSMEs from filing annual returns for Financial Year (FY) 2017-18 and FY 2018-19.

Ø  The relaxation to MSMEs as under:

a.       waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and

b.       filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crores made optional for the said tax periods.

Ø  New return system has introduced from April, 2020 (earlier proposed from October, 2019), in order to give ample opportunity to taxpayers as well as the system to adapt and accordingly specifying the due date for furnishing of return in FORM GSTR-3B and details of outward supplies in FORM GSTR-1 for the period October, 2019 - March, 2020.

Ø  Integrated refund system with disbursal by single authority to be introduced from September 24, 2019.


Related Updates

Alternate Text

Get updates on the go on RuleZbook Mobile App.