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
 GSTN Introduces the e-Invoice Verifier App: All You Need to Know
 Income tax return filing: What is ITR 1 Sahaj form? Check eligibility and steps to file online
 GST council may consider setting up tribunal for indirect tax litigation
 GST Council may lower tax on health insurance
 GST Annual Return: CBIC amends GSTR-9 to Allow IRC Claims and Amendment of Invoices till 30th Nov
 GST (Tax) E-invoice Must For Businesses With Over 5 Crore Annual Turnove
 GST Portal Releases Module-wise New Functionalities deployed on the Portal for Taxpayers
 GST on betting and gambling: Tax structure and liabilities in case of default
 Budget to reset tax laws to decriminalise sections in I-T, GST: Finance Ministry
 In relief to tenants, AAR allows tax credit on GST paid on upfront lease premium
 GST wing of CBIC conducts tax inspections against insurance companies

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 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting