October 14, 2019
A notification has been issued to provide that the registered persons whose aggregate turnover in a financial year does not exceed Rs. 2 crores shall have an option to furnish the annual return for FY 2017-18 & FY 2018-19. In other words, such a person may choose not to furnish the annual return for the said years. If the annual return is not furnished by the due date (i.e., option is exercised to not furnish the annual return) the notification provides that it shall be deemed to have been furnished. Said deeming fiction has been created to apply the time limits, given under law from the due date of furnishing the annual return, for issuance of show cause notices as well as adjudication orders.