botimWA2

+91 9212007566

011-41620109 / 011-26100109
Tue, 25-Jun-2024

Indirect Tax /Good and Service Tax (GST) Amendment Budget -2021

Home >> Blog >>Indirect Tax /Good and Service Tax (GST) Amendment Budget -2021

Indirect Tax /Good and Service Tax (GST) Amendment Budget -2021

(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 returnSection 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.

Disclaimer:
The information provided under this website is solely available at your request for informational purposes only, should not be interpreted as soliciting or advisement. We are not liable for any consequence of any action taken by the user relying on material/information provided under this website. In cases where the user has any legal issues, he/she in all cases must seek independent legal advice

Copyright © 2019 - 2020 Atul Mangal & Co All rights reserved.

Quick Enquiry
Click and Scan for Contact