GST Annual Return: The Central Goods and Services Tax (Sixth Amendment) Rules, 2021
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 the Central Goods and Services Tax Rules, 2017.
The notification contains various amendments related to the rule. 80 of CGST Rules, Form GSTR-9, and Form GSTR-9C in respect of annual returns. Important points to note here are:
1. GSTR 9 is not required for turnover up to Rs 2 crore.
GSTR-9C can be self-attested by taxpayers with a turnover less than or equal to Rs 2 crore. 5 crore from the financial year 2020-21. Further, the government has notified various amendments in GSTR-9, i.e. additional liability can be declared for the financial year 2020-21, however, no ITC can be availed of it; Exemption in disclosure of details of input tax credit (Table 6B, 6C, 6D, 6E), ITC reversal (Table 7A to 7H), etc.; And the details of transactions for the financial year 2020-21 declared in the return for the next financial year (Part V of GSTR-9) covering the period April 2021 to September 2021.
2. GSTR-9C Required for Turnover Between Rs.2 Crore to Rs.5 Crore
The Businesses with an annual turnover between Rs.2 Crore to Rs.5 Crore are required to furnish GSTR-9C. Recently, the Government has notified amendments in Form GSTR-9C after the table, for the part beginning with “Verification” and ending with “and Balance Sheet, etc.”, the following shall be substituted, namely:- “Verification of Registered Person: I hereby solemnly confirm and declare that the information given above herein is true and correct and nothing has been concealed therein. I shall furnish this self-attested reconciliation statement in Form GSTR-9C I am also uploading other details including Financial Statement, Profit and Loss Account and Balance Sheet, etc.
3. Both GSTR 9 and GSTR 9C are required
if the turnover is more than Rs.5 crore if the turnover of the businesses is 5 crores then they have to furnish both GSTR 9 and GSTR 9C. GSTR-9 is an annual return that is filed by all registered taxpayers under GST, except a handful. It is a financial Annual Compilation of Outward Supplies, Inward Supplies, Tax Liability and Input Tax Credit received during the year is not. It is to be filed by 31st December of the year following the particular financial year. GSTR-9C is a statement of reconciliation between the annual return in GSTR-9 filed for an FY, and. Figures as per Audited Annual Financial Statements of Taxpayers
4. Due date for filing GSTR 9 and GSTR 9C
The due date for filing for the financial year 2020-21 as per the notification is 31st December 2021. “Every registered person, other than those specified in the second provision of 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, furnishing an annual shall for each financial year electronically in Form GSTR-9 specified under section 44 through the common portal on or before the thirty-first day of December following the end of the financial year specified under section 44, either directly or through a facilitation center notified by the Commissioner ,” said the notification amending rule 80. The notification further states, “Every registered person, other than those referred to in the second provision of section 44, an input service distributor, shall be liable to tax under section 51 or section 52. The person paying the tax, a casual taxable person and a non-resident taxable person, whose aggregate turnover during a financial year exceeds five crore rupees, shall be deemed to have been paid in Form GSTR-9C under section 44 in sub-rule (1) A self-certified reconciliation with or before the referenced annual return Details will also have to be submitted. On the thirty-first day of December following the end of such financial year, electronically through the common portal, either directly or through a facilitation center notified by the Commissioner.
5. Compulsory certification in the reconciliation statement (Form GSTR 9C)
Self-attested Every registered person pursuant to the notification, other than those referred to in the second provision of 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 crores, will also furnish a self-attested reconciliation statement in Form GSTR-9C.
6. mandatory to furnish the bank account details within 45 days
As per Rule 10A, it is mandatory to furnish the bank account details within 45 days from the date of grant of registration or the date on which the return required under section 39 is due to be furnished, whichever is earlier.
Kindly update your Bank Account details within 45 days. GSTIN Registration may be canceled if such details are not updated within the timeline.
After completion of Bank Account update, a success message will appear on the screen, and the acknowledgment will be sent at the registered email and mobile phone.
