Arjuna (Fictional Character): Krishna, what’s the new update on GST Annual return in form GSTR-9 and Form GSTR-9C for FY 2020-21.
Krishna (Fictional Character): Arjuna, as per Notification No. 30/2021–Central Tax dated 30th July 2021 there are further amendments in the Central Goods and Services Tax Rules, 2017. These rules will come into force from the 1st of August 2021. Few important changes have been made to it. Let’s discuss.
Arjuna (Fictional Character): Krishna, who is required to file GSTR-9 (GST Annual Return) for FY 2020-21?
Krishna (Fictional Character): Arjuna, every registered person whose aggregate turnover is more than 2 Crores is required to file an Annual Return in form GSTR-9 on or before the 31st day of December of the following financial year (i.e., for FY 2020-21 it is 31st December 2021). Composition taxpayer and ECO (Electronic Commerce Operator) shall furnish the annual return in form GSTR-9A and GSTR-9B respectively. From FY 2020-21 onwards filing of GSTR-9 for 2 Crore and below turnover taxpayer is exempt, earlier it was optional.
Arjuna (Fictional Character): Krishna, what are the changes made in GSTR-9C?
Krishna (Fictional Character): Arjuna, GSTR-9C shall be furnished by the registered taxable person whose aggregate turnover during a financial year exceeds 5 crores. Earlier GST Audit was to be conducted and GSTR-9C was to be certified by a chartered accountant, but this requirement has been removed, so the same is to be self-certified by the client along with a reconciliation statement on or before the 31st December of the following financial year. Due to such changes Part B where details of the auditor were required to be furnished is omitted. In part V of GSTR-9C, for the words “Auditor’s recommendation on additional Liability due to non-reconciliation”, the words “Additional Liability due to non-reconciliation” shall be substituted. The declaration given by the auditor in Part V of GSTR-9C is now substituted with Verification by a registered person.
Arjuna (Fictional Character): Krishna, what care should be taken by the taxpayer while filing GSTR-9 & 9C for FY 2020-21?
Krishna (Fictional Character): Arjuna, Taxpayer should now need to give the self-declaration and reconciliation of tax liability in Form GSTR-9C and keep in mind the applicability of the same.ITC for FY 2020-21 can be claimed up to 30th September 2021 or filing of Annual return whichever is earlier.
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Very useful