GST Annual Return (GSTR-9 & 9C)

Arjuna (Fictional Character): Krishna, what's the new update on GST Annual return in form GSTR-9 and Form GSTR-9C for FY 2020-21.

Krishna (Fictional Character): Arjuna, as per Notification No.30/2021-Central Tax dated 30th July 2021 there are further amendments in the Central Goods and Services Tax Rules,2017. These rules will come into force from the 1^st of August 2021. Few important changes have been made to it. Let's discuss.

Arjuna (Fictional Character): Krishna, who is required to file GSTR-9 (GST Annual Return) for FY 2020-21?

Krishna (Fictional Character): Arjuna, every registered person whose aggregate turnover is more than 2 Crores is required to file an Annual Return in form GSTR-9 on or before the 31^st day of December of the following financial year (i.e., for FY 2020-21 it is 31^st December 2021). Composition taxpayer and ECO (Electronic Commerce Operator) shall furnish the annual return in form GSTR-9A and GSTR-9B respectively. From FY 2020-21 onwards filing of GSTR-9 for 2 Crore and below turnover taxpayer is exempt, earlier it was optional.

Arjuna (Fictional Character): Krishna, what are the changes made in GSTR-9C?

Krishna (Fictional Character): Arjuna, GSTR-9C shall be furnished by the registered taxable person whose aggregate turnover during a financial year exceeds 5 crores. Earlier GST Audit was to be conducted and GSTR-9C was to be certified by a chartered accountant, but this requirement has been removed, so the same is to be self-certified by the client along with a reconciliation statement on or before the 31^st December of the following financial year. Due to such changes Part B where details of the auditor were required to be furnished is omitted. In part V of GSTR-9C, for the words "Auditor's recommendation on additional Liability due to non-reconciliation", the words "Additional Liability due to non-reconciliation" shall be substituted. The declaration given by the auditor in Part V of GSTR-9C is now substituted with Verification by a registered person.

Arjuna (Fictional Character): Krishna, what care should be taken by the taxpayer while filing GSTR-9 & 9C for FY 2020-21?

Krishna (Fictional Character): Arjuna, Taxpayer should now need to give the self-declaration and reconciliation of tax liability in Form GSTR-9C and keep in mind the applicability of the same.ITC for FY 2020-21 can be claimed up to 30^th September 2021 or filing of Annual return whichever is earlier.

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