GSTR 9C: Turnover Limit For FY 2020-21

GSTR 9C is a reconciliation statement between the annual GST return in form GSTR 9 and the audited financial statement of taxpayers. First, it is prepared by Chartered Accountant/Cost Accountant and later it is filed by the taxpayers. Hereunder this post, we will understand the turnover limit For GSTR 9C for FY 2020-21.

What is the Turnover Limit for GSTR 9C for FY 2020-21

As per the Finance Act 2021, the requirement of GST audit and submission of GSTR 9C as certified by Chartered Accountant/Cost Accountant has been removed but the same is yet to be notified by the CBIC.

Still, as per the recommendation of the 43rd GST council meeting, which was held on 28th May 2021, that GSTR 9C may be submitted as self-certified by taxpayers with an annual aggregate turnover of equal to or more than Rs. 5 Crore.

Other forms for GST Annual Return and GST Audit

Form to be FiledType of TaxpayersRemarks
GSTR 9A regular taxpayer filing form GSTR 1 and GSTR 3BThis return is optional for taxpayers with turnover up to Rs. 2 Crore.
GSTR 9AA Taxpayer under composition schemeThe Form GSTR 9A has been disabled from FY 2019-20 onwards. The GSTR 4 (Annual Return for Composition Dealer) has been introduced. However GSTR 9A is optional and can be filed for FY 2017-18 and FY 2018-19.
GSTR 9BE-commerce operatorYet to come into effect
GSTR 9CGST AuditGSTR 9C may be submitted as self-certified by taxpayers with an annual aggregate turnover of equal to or more than Rs. 5 Crore.

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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