Vide Notification No. 41/2020 – Central Tax dated 05th May, 2020, Due date for filing of GST Annual Return and Reconciliation Statement in FORM GSTR 9 & 9C respectively for the financial year has been extended till 30.09.2020 31.12.2020*.
Vide Notification No. 16/2020 - Central Tax dated 23rd March, 2020, Relaxation was provided to taxpayers whose aggregate turnover didn't exceed five crores during the financial year 2018-19.
Such taxpayers will not be required to get their accounts audited and shall not be required to furnish copy of their audited accounts and a reconciliation statement, duly certified in FORM GSTR-9C.
Aggregate turnover as defined under the GOODS & SERVICE TAX ACT :
“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;
Thus Aggregate turnover will be calculated as :
Value of all taxable Supplies + Value of Exempted Supplies + Value of Nil Rated Supplies + Value of all Export/Zero Rated Supplies + Value of Non GST Supplies - Value of Inward Supplies (under Reverse Charge) - All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess.
The views expressed by the author is based on his understanding of law and the prevailing circumstances. Taxpayers are requested to use the views judiciously and author shall not be liable for any gain/loss which might arise by referring his article.
This Article was authored by Tushant a passionate blogger by .
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