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CBIC notifies provision for self-certification from August 1

The Central Board of Indirect Taxes and Customs (CBIC) has notified provision for self-certification as a substitute of audit report from August 1.

The Board has made the reconciliation assertion a part of annual items and repair tax return.

In keeping with notifications issued by the Board on Saturday, each registered particular person having combination turnover underneath Rs 5 crore, should furnish a self-certified reconciliation assertion together with the annual return. The federal government has exempted submitting of annual returns for registered particular person whose combination turnover within the FY 2020-21 is upto Rs 2 crore.

“Since self-certified reconciliation assertion is now part of GSTR 9 itself, therefore, it seems that taxpayers having combination turnover above Rs 5 crore must file self-certified reconciliation assertion even for FY 2020-21 as part of Annual Return,” mentioned Aditya Singhania, accomplice at Singhania GST Consultancy.

“Apart from lifting up the necessary certification, it does opens up the alternatives for vide vary of execs and on the similar time places a accountability on taxpayers to furnish particulars in Annual Return on true and proper foundation on self-certification foundation,” he added.

The adjustments have taken place following GST Council determination to permit self-certification of reconciliation assertion in GSTR-9C as a substitute of Chartered Accountant certificates, CBIC has notified the modification in CGST Act.

The registered particular person is now required to furnish an annual return which can embody a self-certified reconciliation assertion, reconciling the worth of provides declared within the return furnished for the monetary yr, with the audited annual monetary assertion for each monetary yr electronically, consultants added.

https://economictimes.indiatimes.com/information/financial system/coverage/cbic-notifies-provision-for-self-certification-from-august-1/articleshow/84918526.cms | CBIC notifies provision for self-certification from August 1

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