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Annual Return under GST law for financial year 2020-21

Section 44 (Annual Return) of The Central Goods and Services Tax, Act, 2017 (CGST Act, 2017) had been amended by Finance Act, 2021 but it was not notified at that time. NowCentral Board of Indirect Taxes and Customs (CBIC) vide Notification No. 29/2021-Central Tax dated 30/07/2021 has notified the amendment under Section 111 (Substitution of Section 44) of Finance Act, 2021 w.e.f. 01.08.2021. Accordingly, Section 44 of CGST Act, 2017 has been fully substituted with the following-

“Section 44. Annual return.

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a causal taxable person and a non-resident taxable person, shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year electronically, within such time and in such manner as may be prescribed.”

Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section.

Provided further that nothing contained in this section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.”

Source Taxguru


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