Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
GST - Goods and Services Tax »
Open DEMAT Account in 24 hrs
 5 years of GST: Why the indirect tax regime may not see big-bang reforms
 Highest tax slab on online gaming may stunt growth
  Infosys directed to fix glitches on income tax e-filing portal
 Infosys directed to fix glitches on income tax e-filing portal
 GST Filing Deadline Extended After Portal Glitch; Know New Date to File Form GSTR-3B
 GST ITC Fraud: Delhi HC holds Debiting through Electronic ITC Ledger is valid Deposit to Fulfill Bail Condition
  95 LPA Opening General Manager Finance. Pref. from Ecommerce
 Finance Ministers faces queries from students on GST, Income Tax relief to defence personnel
 Coming soon, a structural revamp of GST
  The Top Five GST Changes Budget 2022
 CAIT urges Centre to exempt GST registration for e-commerce sales

Businesses can now self-certify GST returns, instead of mandatory CA audit
August, 02nd 2021

GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.

Under the Goods and Services Tax (GST), filing of annual return -- GSTR-9/9A -- for 2020-21 is mandatory for all registered businesses, barring those with an aggregate annual turnover of up to Rs 2 crore.

Besides, taxpayers with a turnover of over Rs 5 crore have to submit a reconciliation statement in form GSTR-9C. This statement was required to be certified after an audit by a chartered accountant.

Through a notification, the Central Board of Indirect Taxes and Customs (CBIC) amended GST rules and provided that taxpayers with aggregate turnover during a financial year exceeding Rs 5 crore would furnish a self-certified reconciliation statement along with the annual return, instead of a CA certified statement.

"Every registered person, other than those referred to in the second proviso to 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, whose aggregate turnover during a financial year exceeds Rs 5 crore, shall also furnish a self-certified reconciliation statement as specified under section 44 in GSTR-9C along with the annual return on or before December 31 following the end of such financial year," the CBIC said.

AMRG & Associates Senior Partner Rajat Mohan said GST audits by professionally qualified chartered accountants have been removed by the government, now annual tax filing and reconciliation statements would be self-certified by taxpayers only.

"This will give compliance level relief to thousands of taxpayers, however would parallelly increase the risk of intentional and unintentional misstatements in the annual filings aggravating the departmental scrutiny," Mohan added.

Singhania GST Consultancy Partner Aditya Singhania said Finance Act, 2021 incorporated an amendment in section 35(5) and 44 of CGST Act, 2017 to do away with filing of Reconciliation Statement in GSTR 9C certified by CA/CWA.

"To give effect to the said amendment, notification has been issued with effect from August 1, 2021, to discontinue the mandatory certification. In simple words, GSTR 9C existing currently is removed and has been made a part of GST Annual Return GSTR 9," Singhania added.

This amendment will put a responsibility on taxpayers to furnish true and correct details in Annual Return, he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2022 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting