CBIC will notify you of self-certification rules from August 1st

From August 1st, the Central Board of Indirect Tax and Customs (CBIC) has notified the provisions of self-certification instead of the audit report.

The Board of Directors has made the Coordination Statement part of the Annual Goods and Services Tax Return.

According to a notice issued by the Board on Saturday, all registrants with total sales of less than Rs 500 million are required to submit a self-certified settlement statement along with their annual revenue. The government exempts registrants with total sales of up to Rs 2 in 2020-21 from submitting annual revenue.

“Because the self-assessment adjustment statement is now part of GSTR9 itself, taxpayers with total sales of more than 500 million rupees will continue to include the self-assessment adjustment statement as part of their annual report in 2020-21. It looks like it needs to be submitted, says Aditya Singhania, a partner at Singhania GST Consultancy.

“In addition to decommissioning mandatory certification, it opens up opportunities for professional video coverage and at the same time holds taxpayers responsible for providing details to their annual reports on a self-certifying basis, truthful and correct. “I will,” he added.

The changes followed the GST Council’s decision to allow self-certification of adjustment statements in the GSTR-9C instead of a Certified Accountant Certificate, and the CBIC announced an amendment to the CGST Act.

The registrant is currently required to submit an annual return that may contain a self-certified adjustment statement, and the value of the supply declared in the return submitted in the fiscal year is the audited year for each fiscal year. It will be adjusted electronically with the next financial statement, experts added.

CBIC will notify you of self-certification rules from August 1st

Source link CBIC will notify you of self-certification rules from August 1st

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