In what comes as good news for taxpayers, the government has announced that Goods and Services Tax (GST) taxpayers with a turnover of more than Rs 5 crore will be able to self-certify their annual return. This means that they will not need to get mandatory audit certification from Chartered Accountants. For this, the Central Board of Indirect Taxes and Customs (CBIC) has also issued instructions.
Under the 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.
As per the notification of CBIC, the GST rules have been amended and now the taxpayers with a turnover of more than Rs 5 crore will have to furnish self-attested resolution details along with annual…