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Compliance Burden Reduced for GST Taxpayers
The Ministry of Finance announced additional GST (goods and services tax) relaxations on Sunday, which is welcome news. The Ministry of Finance announced on Twitter that taxpayers having an Annual Aggregate Turnover (AATO) of less than Rs 5 crore will not be required to file the reconciliation statement in Form GSTR-9C beginning in fiscal year (FY) 2020-21.
Taxpayers with an AATO of more over Rs 5 crore were also given assistance by the ministry. For FY 2021-21 and onwards, taxpayers with an AATO of more than Rs 5 crore can now self-certify the reconciliation statement in Form GSTR-9C instead of having it validated by a chartered or cost accountant.
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Meanwhile, taxpayers with an AATO of less than Rs 2 crore are no longer needed to file an Annual Return (Form GSTR-9) for the fiscal year 2021-21.
The Ministry of Finance had previously announced on December 1 that GST revenue of Rs 1,31,526 crore collected in November was the second-highest since the implementation of GST, second only to that in April 2021, which related to year-end revenues and was higher than last month’s collection, which included the impact of quarterly returns.
According to the Ministry, this includes Central GST of Rs 23,978 crore, State GST of Rs 31,127 crore, International GST of Rs 66,815 crore, Rs 32,165 crore collected on goods imports, and Cess of Rs 9,606 crore (including Rs 653 crore collected on goods imports).