On the recommendation of the GST Council CBIC vide Notification No. 09/2020- Central Tax dated March 16, 2020 has notified the class of registered persons who shall not required to furnish Reconciliation Statement in Form GSTR-9C in terms of the Central Goods and Services Tax Rules, 2017 (“CGST Rules”), under Section 44(2) of the Goods and Services Tax Act, 2017 (“CGST Act”) read with Rule 80(3) of the CGST Rules on fulfilling a prescribed condition. The following are the registered person are as under:-
- The foreign company which is an airlines company covered under the notification issued under Section 381(1) of the Companies Act, 2013 (18 of 2013) and,
- The foreign company who have furnished the following statement along with the financial statement to the Registrar of Companies (“ROC”) as per sub-rule (2) of Rule 4 of the Companies (Registration of Foreign Companies) Rules, 2014:-
- A statement of related party transaction.
- A statement of repatriation of profits.
- A statement of transfer of funds (including dividends if any) which shall, in relation of any fund transfer between place of business of foreign company in India and any other related party of the foreign company outside India including its holding, subsidiary and associate company.
Provided that a statement of receipts and payments for the financial year in respect of its Indian Business operations, duly authenticated by a practicing Chartered Accountant in India or a firm or a Limited Liability Partnership of practicing Chartered Accountants in India is submitted for each GSTIN by the September 30 of the year succeeding the financial year.
The Notification can be accessed at: http://www.cbic.gov.in/resources/htdocs-cbec/gst/notfctn-09-central-tax-english-2020.pdf