The Central Board of Indirect Taxes and Customs ( CBIC ) has made simplification in the filing of GSTR-9C ahead of the deadline.

The CBIC said that,  It’s not mandatory to attach cash flow statement. Instead of ‘True & Correct’ opinion Auditor required to give ‘True & Fair’ opinion.

The CBIC also said that, Table 14 made optionally and Option provided not to fill ‘ITC booked in previous FY claimed in current FY; and, ITC booked in current FY to be claimed in next FY’, in Table 12.

Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.
Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 to January 31st, 2020.

The CBIC also added that, Option provided not to fill unbilled revenue, unadjusted advances & other entries in Table 5. Any adjustments requiring reporting can be entered in Table 5 0.
The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST & Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Earlier, the CBIC had said that the Balance sheet and Profit & loss statement/income & Expenditure Statement keywords used in office network firewall/content security filter firewall to deny upload of such files/content as these contain sensitive information.

Source: Tax-Scan

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