The CBIC has notified that GST Annual Return is voluntary if turnover is less than Rs.2 crores for F.Y. 2019-20 as well vide Notification No. 77/2020 dated 15/10/2020.
It may be pertinent to note that the said exemption was made available to taxpayers for F.Y. 2017-18 and F.Y. 2018-19 and now has been extended to F.Y. 2019-20.
Also, vide Notification No. 79/2020 dated 15/10/2020, the CBIC has notified that 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.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
Notification No. 77/2020 – Central Tax
New Delhi, the 15th October, 2020
G.S.R......(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of Government of India in the Ministry of Finance, (Department of Revenue), No. 47/2019 – Central Tax dated the 9th October, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide number G.S.R. 770(E), dated the 9th October, 2019, namely: -
In the said notification in the opening paragraph, for the words and figures financial years 2017-18 and 2018-19, the words and figures financial years 2017-18, 2018-19 and 2019- 20 shall be substituted.
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