The GST Council, which is headed by the Union Finance Minister Nirmala Sitharaman and comprises representatives of all states and union territories, recommended various changes. It amended annual return norms too.
The retrospective amendment in section 50 of the CGST Act with effect from July 1, 2017, providing for payment of interest on net cash basis, to be notified at the earliest, stated PIB statement.
Anyone who is liable to pay taxes and have failed to pay taxes, then since July 2017, the GST will have to be paid with an interest not exceeding 18 per cent.
There were some changes introduced in GST filing to ease the compliance requirement.
List of changes in GST filing are:
- Amendments in section 35 and 44 of CGST Act made through Finance Act, 2021 to be notified. This would ease the compliance requirement in furnishing reconciliation statement in form GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants. This change will apply for annual return for FY 2020-21.
- The filing of annual return in form GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 crore;
- The reconciliation statement in form GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 crore.
