Recently, the Central Board of Indirect Taxes and Customs (CBIC) has notified the Central Goods and Services Tax (Sixth Amendment) Rules, 2021 which seeks to amend Central Goods and Services Tax Rules, 2017.
The notification consists of various amendments related to Rule 80 of the CGST Rule in respect of Annual Return, FORM GSTR-9, and FORM GSTR-9C. Here are the significant points to be noted:
- GSTR 9 not required for turnover Upto Rs.2 Crores
As per the recent notification of the government the GSTR-9 shall not be required for taxpayers with turnover up to Rs. 2 crore, whereas GSTR-9C can be self-certified by taxpayers with turnover less than or equal to Rs. 5 crore from FY 2020-21 onwards.
Furthermore, the Government has notified various amendments in GSTR-9 namely additional liability for Financial Year 2020-21 can be declared, however, no ITC can be availed thereof; relaxation in disclosure of break up of Input Tax Credit (Table 6B, 6C, 6D, 6E), ITC reversal (table 7A to 7H) etc; and particulars of transactions for Financial Year 2020-21 declared in returns for the next FY (Part V of GSTR-9) will cover the period April 2021 to September 2021.
2. GSTR-9C required for turnover Between Rs.2 Crores to Rs.5 Crores
The businesses with an annual turnover between Rs.2 Crores to Rs.5 Crores are required to furnish GSTR-9C.
Recently, the Government has notified the amendment in FORM GSTR-9C after the table, for the portion beginning with “Verification” and ending with “and balance sheet etc.”, the following shall be substituted, namely “Verification of registered person: I hereby solemnly affirm and declare that the information given herein above is true and correct and nothing has been concealed there from. I am uploading this self-certified reconciliation statement in FORM GSTR-9C. I am also uploading other statements, as applicable, including financial statement, profit and loss account and balance sheet, etc.
3. Both GSTR 9 and GSTR 9C required if turnover exceeds Rs.5 Crores
If the turnover of the Businesses exceeds the turnover of Rs.5 Crores then they are required to furnish both the GSTR 9 and GSTR 9C.
GSTR-9 is an annual return to be filed by all registered taxpayers under GST except a handful. It is an annual compilation of outward supplies, inward supplies, tax liability and input tax credit availed during a financial year. It is due to be filed by 31 December of the year following the particular financial year.
GSTR-9C is a statement of reconciliation between the Annual Returns in GSTR-9 filed for a FY, and. the figures as per the audited annual Financial Statements of the taxpayer
4. Due date for Filing GSTR 9 and GSTR 9C
As per the notification the due date for Filling is 31st December 2021 for Financial Year 2020-21.
“Every registered person, other than those referred to in the second proviso to section 44, an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year as specified under section 44 electronically in FORM GSTR-9 on or before the thirty-first day of December following the end of such financial year through the common portal either directly or through a Facilitation Centre notified by the Commissioner,” the notification amending the Rule 80 said.
The notification further said, “Every registered person, other than those referred to in the second proviso to section 44, an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non- resident taxable person, whose aggregate turnover during a financial year exceeds five crore rupees, shall also furnish a self-certified reconciliation statement as specified under section 44 in FORM GSTR-9C along with the annual return referred to in sub-rule (1), on or before the thirty-first day of December following the end of such financial year, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.
5. Mandatory certification in reconciliation statement (Form GSTR 9C) self certified
As per the notification every registered person, other than those referred to in the second proviso to section 44, an Input Service Distributor, a person paying tax, a casual taxable person and a non-resident taxable person, whose aggregate turnover during a financial year exceeds Rs. 5 crore rupees, shall also furnish a self-certified reconciliation statement in FORM GSTR-9C.
