(1)Section 35(5) – Accounts and other records – Clause 101 of the Finance Bill, 2021. Sub-section (5) of Section 35 shall be omitted.

to remove the mandatory requirement of getting annual accounts audited by a Chartered accountant or a Cost accountant and reconciliation statement (GSTR-9C) to be submitted for registered person whose turnover during a financial year exceeds the prescribed limit, which is 2 Crore but for FY 2018-19 & 2019-20, notified as Rs. 5 Crore.

(2)Section 44 – Annual return – Section 44 of the Central Goods and Services Tax Act,

·      Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return

·      Which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement for every financial year electronically,

·      Within such time and in such form and in such manner as may be prescribed:

Note:

Ø  Provide for filing of the annual return (GSTR-9) on self-certification basis with reconciliation statement.

Ø  The responsibility of reconciliation has been shifted to the taxpayers now instead of GST auditors earlier.

(3) Section 107(6) – Appeals to Appellate Authority – Provided that no appeal shall be filed against an order under sub-section (3) of section 129, unless a sum equal to 25% of the penalty has been paid by the appellant.