The Government of Delhi, Excise and Taxation Department issued a new notification on July 19th 2024, which brings a significant relief for small businesses.
Key updates:
The Government of Delhi has decided that if total sales (aggregate turnover) for the financial year 2023-24 for a business is up to Two crore rupees, there is no need to file an annual GST return for that year.
Importance Of the Update:
Filing annual returns can be a time-consuming and complex process, especially for small businesses that may not have dedicated accounting teams. By exempting businesses with a turnover of up to two crore rupees, the government is reducing the paperwork and compliance burden on small business owners.
This move is a step towards simplifying the tax process and supporting small businesses in Delhi.
