Relaxation in requirement of filing of GSTR9 & 9C for FY 2018-19

Relaxation in requirement of filing of GSTR-9 and GSTR-9C for Financial Year 2018-19

GSTR-9C (Reconciliation Statement):

This consists of details regarding outward and inward supplies made or received during the previous year. According to section 2(13), GSTR-9C is applicable only to the person who is required to get his accounts audited under this law. It is also the consolidation of monthly and quarterly returns in that assessment year.

Any person registered under the GST Act having turnover 5 Crore or more is required to get this accounts audit. This enhanced limit is applicable on the basis of the Press release of 39^th GST Council Meeting held on 14^th March, 2020.

Earlier the limit was 2Crore for GST Audit.

The due date for the same is extended till 30^th June’20 for Financial Year 2018-19.

GSTR-9 & 9A (Annual Return): Informational/ a consolidation of all GST returns.

An annual return (GSTR-9 & 9A) is required to be file by every registered person having turnover more than 2CR. GSTR-9A will be filed by the Composition dealer.

Limit of 5 Cr increased in 39^th GST Council meeting not applicable for Annual return.

Following persons are not required to file GSTR-9 & 9A:

• Casual Taxable Person
• Input Service Distributor
• Non-Resident taxable person
• Any person paying TDS under section 51 of the CGST Act

The due date for the same is extended till 30^th June’20 for Financial Year 2018-19.

Waive off Late fee:

Late fees not to be levied for delayed filing of the Annual Return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

Audit Meaning as per GST Law:

According to Section 2(13), Audit means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this Act or the rules made thereunder.

Disclaimer: All information & views expressed above are my own and not representing any legal opinion.