Compliance not eased for GST taxpayers with over Rs 5 cr turnover, reconciliation statement remains
News 24
Taxpayers looking for a simple way to comply with the government's ease of compliance requirements for filing annual GST returns in 2020-21 will be disappointed, as the government has not completely eliminated the process of including the reconciliation statement with the returns.
The preparation of the reconciliation statement to match the numbers in the annual returns is always a challenge for taxpayers, and even tax experts struggle with it. According to a notification issued late Friday evening by the Central Board of Indirect Taxes and Customs (CBIC), every registered person, other than specified persons, whose aggregate turnover during a fiscal year exceeds Rs 5 crore will be required to file a self-certified reconciliation statement in FORM GSTR-9C with their annual returns. While the notification clarifies the filing of annual GST returns for FY21, it also now includes a self-certified reconciliation statement in GSTR 9. To put it another way, GSTR 9C is being phased out and has been absorbed into GSTR 9, the GST Annual Return.More Related News