Weekly Updates [24 – 30 July, 2021 – 213th Week of GST]

The CG has issued the following important notifications this week –

Notification No.SubjectEffective from (the earliest date…)29/2021 – CTEnforcement of Section 110 and 111 of Finance Act, 202101 Aug, 202130/2021 – CTAmendment of Rule 80 of CGSTR, 2017 and notification of FORM GSTR – 9/ 9C for FY 2020-2101 Aug, 202131/2021 – CTExemption of taxpayers having annual aggregate turnover upto ₹ 2 crores from the requirement of furnishing annual return for FY 2020-2101 Aug, 2021

Notification No. 29/2021 – CT

Through this notification, the CG has notified the enforcement of Section 110 and 111 of Finance Act, 2021 w.e.f. 01 August, 2021.

Through Section 110, the CG has omitted Sub-section (5) of Section 35 of the CGST Act, 2017, as amended from time to time, thereby effectively releasing registered persons from the liability to get their accounts audited by a CA/ CMA if their turnover during a FY exceeds the prescribed limit.

Section 111 on the other hand substitutes Section 44 of the CGST Act entirely to the following effect –

Every registered person, other than an ISD, TDS deductor, TCS collector, CTP, NRTP shall furnish an annual return, which may include a SELF-CERTIFIED reconciliation statement, reconciling the value of supplies declared in the return for the FY with the audited financial statement for every FY, within the prescribed manner and in prescribed time.

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

Moreover, this section shall not apply to any department of the CG/ SG/ LA whose books of account are subject to audit by the CAG of India or an auditor appointed for auditing the accounts of LA under any law.

Notification No. 30/2021 – CT

In line with the aforementioned amendment in Section 44, through this notification, the CG has substituted Rule 80 of the CGST Rules, to the following effect –

Every registered person, other than an ISD, TDS deductor, TCS collector, CTP, NRTP and the Government departments as mentioned in the 2nd proviso to Section 44, shall furnish an annual return for every FY u/s 44 in FORM GSTR – 9 on or before 31 December following the end of such FY.

However, a person paying tax u/s 10 shall furnish the annual return in FORM GSTR – 9A.

Every ECO required to collect TCS u/s 52 shall furnish an annual statement referred to in Section 52(5) in FORM GSTR – 9B.

Every registered person, other than an ISD, TDS deductor, TCS collector, CTP, NRTP and the Government departments as mentioned in the 2nd proviso to Section 44, whose aggregate turnover during a FY exceeds ₹ 5 crores, shall also furnish a self-certified reconciliation statement as specified u/s 44 in FORM GSTR – 9C along with FORM GSTR – 9, on or before 31 December following the end of such FY.

Notification No. 31/2021 – CT

Through this notification the CG has exempted the registered person whose aggregate turnover in FY 2020-21 is upto ₹ 2 crores from filing annual return for the said FY.

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