GST Latest News: Goods and Services Tax (GST) taxpayers with a turnover of more than Rs 5 crore will be able to self-certify their annual return.
New Delhi: GST Latest News: There is relief news for the taxpayers. Now you will not need to visit CA. According to the order of the government, now Goods and Services Tax taxpayers with a turnover of more than Rs 5 crore will be able to self-certify their annual return. That is, now there will be no need to get mandatory audit certification from Chartered Accountants. For this, the Central Board of Indirect Taxes and Customs (CBIC) has also issued instructions.
Government gave big relief to businessmen
Under the Goods and Services Tax (GST), it is mandatory for all entities to file annual return GSTR-9/9A (GSTR-9/9A) except those with an annual turnover of up to Rs 2 crore for 2020-21. Significantly, taxpayers with a turnover of more than Rs 5 crore were required to submit reconciliation details in the form GSTR-9C. After this, this detail is verified by the Chartered Accountant after the audit.
Compliance burden reduced for GST Taxpayers.
👉Taxpayers with AATO upto Rs. 5 crore not required to file the reconciliation statement in Form GSTR-9C for FY 20-21 onwards.
👉Taxpayers with AATO above Rs. 5 crore can now self-certify the reconciliation statement in Form GSTR-9C. pic.twitter.com/x6QcpDHwwa
— CBIC (@cbic_india) August 1, 2021
Amendment in GST rules
As per the notification of CBIC, the GST rules have been amended. Under this, taxpayers with a turnover of more than Rs 5 crore will have to furnish self-attested resolution details along with annual returns. Now for this certification of CA will not be required.
Thousands of taxpayers will get relief
AMRG & Associates Senior Partner Rajat Mohan said that the government has done away with the requirement of GST audit from professionally qualified Chartered Accountants. Now tax payers will have to submit the annual return and reconciliation details by verifying themselves. He said this would bring relief to thousands of taxpayers on the compliance front, but knowingly or unintentionally, wrong details in the annual return could lead to trouble.
GST collection once again crosses 1 lakh crore
With this, let us tell you that in the month of July, 1 lakh 16 thousand 393 crores came to the government treasury from the Goods and Services Tax. It has increased by 33 percent as compared to July 2020. In the GST collection of July 2021, State GST (SGST) is 28541 crores, Central GST (CGST) 22197 crores and IGST 57864 crores. 27,900 crores in IGST has come with the help of imports. 7,790 crore came from cess, of which 815 crore came from cess on imported goods. That is, now the economy seems to be improving.