The latest guidelines are been circulated towards the GST assesses by the Finance ministry. As per the report, the assessee whose annual aggregate turnover (AATO) held with Rs 5 cr is not needed to furnish the reconciliation statement in Form GSTR-9C towards the FY 2020-21. GSTR-9C form is an annual GST reconciliation statement inside it an amendment is being introduced in 2021. In the former times, Form GSTR-9C was applicable for the businesses whose annual turnover exceeds Rs 2 crore in the specific fiscal year.
Business whose AATO is more than Rs 5 crore the finance ministry provides relief to them. The assessee ruled AATO with more than Rs 5 cr would self certify the reconciliation statement in Form GSTR-9C from the FY 2020-21 rather than obtaining the certificate via chartered or cost accountant.
Apart from that assessee who held the AATO with Rs 2 crore only would not need to furnish the Annual Return (Form GSTR-9) for FY 2021-21.
Before that, on 1st Dec the Finance ministry had notified that a GST revenue of Rs 131526 crore accumulated in November undergoes 2nd highest collection since the incorporation of the GST. It is on the 2nd after the April 2021 collection concerned to the finish year revenues along with more than previous months collection that indeed consists of the impact of the returns needed to get furnished on the quarterly basis.
The collection marked with Central GST which is Rs 23,978 crore, State GST which is Rs 31,127 crore, as well as International GST, stood with Rs 66,815 crore, Rs 32,165 crore accumulated from import of goods, and Cess of Rs 9,606 crore along with Rs 653 crore gathered on import of goods, the Ministry stated.
A GSTR-9 form undergoes an annual return form which is needed to be furnished by enrolled taxable individuals beneath GST This document will include the components of all supplies made and received beneath tax heads (CGST, SGST, and IGST) during the complete year as well as the turnover and audit details for the same. The GSTR-9C undergoes GST reconciliation Statement towards the specific fiscal year on or before 31st December. The same must be certified through CA for the firms whose turnover exceeds Rs 5 crores.
Recently, The sales tax bar association Delhi has requested the central government to extend GSTR 9 & GSTR 9C due date till 28th February 2022. The association has sent a letter to the finance minister of India.
