Weekly updates [24 – 30 July, 2021 – 213th Week of GST] – Simplify the GST™

CG issued the following important notifications this week –

Notification number Topics Valid from (earliest date…)
29/2021 – i Enforcement of Articles 110 and 111 of the Finance Act 2021 01 August 2021
30/2021 – i Amendment to Rule 80 of the CGSTR, 2017 and Notification of FORM GSTR – 9/9C for the 2020-2021 Fiscal Year 01 August 2021
31/2021 – i Taxpayers with an annual gross turnover of ₹2 crore are exempt from the requirement to file an annual return for the 2020-21 financial year. 01 August 2021

Notification number 29/2021 – CT

Through this notification, I have notified Corporate Governance of the enforcement of Sections 110 and 111 of the Finance Act, 2021 wef August 1, 2021.

Through Section 110, CG deletes Subsection (5) of Section 35 of the CGST Act of 2017, as amended from time to time, thus relieving registered persons from the liability to have their accounts audited by the CA/CMA if they exceed their turnover during the year Financial limit stipulated.

On the other hand, Section 111 replaces Section 44 of the CGST Act entirely with the following-

Each registered person, other than ISD, TDS, TCS Collector, CTP, and NRTP must file an annual return, which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the fiscal year return with the audited financial statement for each fiscal year , within the specified method and at the specified time.

However, the Commissioner may notify exempting any class of registered persons from filing an annual return under this section.

Further, this section does not apply to any division of the CG/SG/LA whose books of accounts are subject to audit by the CAG of India or an auditor appointed to audit the accounts of the LA under any law.

Notification number 30/2021 – CT

Consistent with the aforementioned amendment in Section 44, by this notification, CG replaced Rule 80 of the CGST Rules, as follows-

Each registered person, other than an ISD, TDS deductible, TCS collector, CTP, NRTP, and government department as listed in Section II Clause 44, must file an annual return for each FY u/s 44 in FORM GSTR – 9 on or before December 31 after the end of this fiscal year.

However, the person paying the tax u/s 10 must file the annual return in FORM GSTR – 9A.

Each economic officer required to collect TCS u/s 52 must submit an annual statement referred to in Section 52 (5) in FORM GSTR – 9B.

Every registered person, other than ISD, TDS, TCS Collector, CTP, NRTP and government departments as mentioned in Condition II of Section 44, whose total turnover during the financial year exceeds Rs 5 crore, must provide a self-certified certificate Settlement statement as defined u/s 44 in FORM GSTR – 9C together with FORM GSTR – 9, on or before December 31 after the end of this fiscal year.

Notification number 31/2021 – CT

Through this notification, Corporate Governance has exempted a registered person whose total turnover in the fiscal year 2020-21 is RUB 2 crores from submitting an annual return for the said financial year.

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