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Since its initiation on July 1, 2017, GST has seen over Rs. 32 crore businesses in India registered under the new regime. With few exceptions, all entities with GST registration must file an annual return, irrespective of business activity, sales, or profitability during the filing period. GST registrants, whether obtaining or holding registration at any point in a financial year, must submit an annual return for that specific fiscal year. This compilation return encapsulates all business transactions relevant to the corresponding financial year.
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