CBIC has exempted businessmen with sales up to Rs 2 crore in the financial year 2020-21 from filing annual GST returns.
On the Goods and Services Tax (GST) front, the central government has given big relief to small businessmen and companies and businesses with a turnover of more than five crore rupees. The Central Board of Indirect Taxes and Customs (CBIC) has further liberalized the rules for filing annual GST returns with effect from August 1, 2021. The government has put the onus of filling the correct details in the annual GST return on the taxpayers.
Not mandatory to fill CA attested Form
CBIC has done away with the requirement of businesses having turnover of more than 5 crores to furnish reconciliation statement verified by CA or Cost Accountant separately in Form 9C in the annual GST return. Now the business or company can submit its self-attested copy. Till now, taxpayers had to separately submit CA attested resolution details in the form of Form GSTR-9C.
Companies will be able to self-certify
CBIC has exempted businesses with sales up to Rs 2 crore in the financial year 2020-21 from filing annual GST returns Apart from this, businesses and companies with a turnover of more than Rs 5 crore will now be able to self-certify their annual GST returns. They will not be required to get the mandatory audit verification done by a Chartered Accountant (CA).
Due to the continuous tax reforms being carried out by the Central Government, the GST collection in the country is also increasing continuously. Goods and Services Tax (GST) collection has increased by 33 per cent to 1.16 lakh crore in the month of July. The tax collection in July 2020 was Rs 87,422 crore, while the GST collection in June 2021 was Rs 92,849 crore. Gross GST revenue in July this year stood at Rs 1,16,393 crore.
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