New Delhi. The central government has given big relief to the traders. Now GST taxpayers with a turnover of more than Rs 5 crore will be able to self-certify their annual return and they will not need to get the mandatory audit certification from Chartered Accountants. The Central Board of Indirect Taxes and Customs ie CBIC has issued instructions in this regard.
Under GST, for 2020-21, it is mandatory for all entities, except those with an annual turnover of up to Rs 2 crore, to file annual return -GSTR-9/9A-. Apart from this, taxpayers with a turnover of more than Rs 5 crore were required to submit reconciliation details in the form GSTR-9C. This detail is verified by the Chartered Accountant after the audit.
Compliance burden reduced for GST Taxpayers.
👉Taxpayers with AATO upto Rs. 5 crore not required to file the reconciliation statement in Form GSTR-9C for FY 20-21 onwards.
👉Taxpayers with AATO above Rs. 5 crore can now self-certify the reconciliation statement in Form GSTR-9C. pic.twitter.com/x6QcpDHwwa
— CBIC (@cbic_india) August 1, 2021
Amendment in GST rules through notification
CBIC has amended the GST rules through a notification. Under this, taxpayers with a turnover of more than Rs 5 crore will have to furnish self-certified solution details along with annual return. CA certification is not required for this.
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relief to taxpayers
AMRG & Associates Senior Partner Rajat Mohan said that the government has done away with the requirement of GST audit from professionally qualified Chartered Accountants. Now taxpayers will have to self-verify and submit the annual return and reconciliation details. He said that this would provide relief to thousands of taxpayers on the compliance front but would knowingly or unintentionally increase the risk of misstatements in the annual return.
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