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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.

GST Annual Return

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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Disclaimer: This Karneeti tax update is only for information and does not constitute or purport to be advice or opinion in any manner. The information provided is not intended to create an advisor-client relationship and is not for advertising or soliciting. The author does not intend in any manner to solicit work through these Tax update articles. The articles are only to share information based on recent developments and regulatory changes. The author is not responsible for any error or mistake or omission in this article or for any action taken or not taken based on the contents of this article. Business decisions are best taken in close consultation with the advisors. A small attempt is made to update all on Income Tax / GST. This is for guidance purposes only. No legal action against the writer or presenter can be taken. Refer to relevant provisions and facts of the case.

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1. Central Council Member of ICAI. 2. Vice-Chairman of WIRC of ICAI for the period 2015-2021. 3. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 4. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNEETI” published in Lokmat on every View Full Profile

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