Shivam RC (Student) 10 November 2020
Filing of FORM GSTR-9C ( Reconciliation Statement and Audit Report ) for FY 2018-19 & FY 2019-20 is mandatory only for those taxpayers whose Aggregate Turnover "exceeds Rs. 5 crores." It needs to be filed electronically in the GST common portal.
Usually the limit is Rs. 2 crores as prescribed under Rule 80(3) of the CGST Rules 2017 but a new Proviso was inserted to Rule 80(3) of the CGST Rules 2017 vide Notification No. 16/2020 - Central Tax, dated 23rd March 2020, which increased the turnover limit of filing GSTR-9C for FY 2018-19 to Rs. 5 crores.
Recently due to the ongoing pandemic situation, the Government of India also extended the benefit of this increased turnover limit to FY 2019-20 as well vide Notification No. 79/2020 - Central Tax, dated 15th October 2020.
EXTRACT FROM THE CGST RULES 2017 :
“Provided that for the financial year 2018-2019 and 2019-2020, every registered person whose aggregate turnover exceeds five crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the said financial year, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner."