Annual Returns simplified in the following manner for the Financial Year (“FY”) 2020-21:
i. Amendments in Section 35 and 44 of Central Goods and Services Tax Act, 2017 (“CGST Act”) made through Finance Act, 2021 to be notified– This would ease the compliance requirement in furnishing reconciliation statement in FORM GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants. This change will apply for Annual Return for FY 2020-21.
ii. The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore;
iii. The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with aggregate annual turnover above Rs 5 Crore.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1722578