Turnover limit for GST Audit for FY 2019-20

-
Turnover limit for GST Audit for FY 2019-20

 ✅GST audit limit is Rs. 5 Crore or Rs. 2 Crore for FY 2019-20?

Rule 80(3) prescribed GST audit turnover limit of Rs. 2 Crore, but Notification No. 79/2020 – Central Tax dated 15th October 2020 (Principal notification 16/2020-CT dated 23rd March 2020) inserted a proviso under rule 80(3), which clearly state that, every registered person whose aggregate turnover during the financial year 2019-2020 exceeds five crore rupees shall get his accounts audited as specified under subsection (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

So, it is clear GST audit turnover limit is Rs. 5 crores for FY 2019-20

✅GSTR-9 for taxpayers having turnover below 2 crores for the FY 2019-20?
As per Notification No. 77/2020 – Central Tax dated 15th October 2020 filing of GSTR-9 for those taxpayer having turnover less than Rs. 2 crore is optional. But, the said return shall be deemed to be furnished on the due date if it has not been furnished before the due date.

Now, it is also clear GSTR-9 is optional for taxpayers having turnover below Rs. 2 crores, but advisable to file it before due date.

✅GSTR-9 for taxpayers having turnover above Rs. 2 crores but less than Rs. 5 crores?
As per combine reading of notification no 77/2020 and notification no 79/2020, it is clear GSTR-9 is mandatory for those taxpayers having turnover between Rs. 2 crores and Rs. 5 crores.

Summary of the above discussion is simplified in the table:

Aggregate turnover criteria

GSTR-9

GSTR-9C

Turnover less than 2 crores

Optional

–

Turnover above 2 crores but up to 5 crores

Mandatory

Optional

Turnover exceeding 5 crores

Mandatory

Mandatory


✅Due date for filing GSTR-9/9C for FY 2019-20
Due date for filing GSTR-9 and/or 9C has been further extended up to March 31st, 2021 vide notification 04/2021-CGST dated 28/02/2021. Earlier extended due date for filing GSTR-9/9C was  28/02/2021 vide Notification No. 95/2020-Central Tax dated December 30th , 2020. Original due date was 31/12/2020.

📋GST News:

GST audit abolished? What about GST audit for FY 2019-20? Read Here

Comments

Post a Comment

Popular posts from this blog

PF payment due dates for the FY 2020-21 for tax audit reporting

-
Image
PF payment due dates for the FY 2020-21 for the purpose of tax audit reporting While preparing Tax Audit Report in Form 3CD it is important to fill due date of payment to various Employees contribution fund and actual payment of the contribution. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va)" Most commonly reported funds under the clause are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI may result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2020-21 for quick reference  PF payment due dates for the FY 2020-21 Period Due date Day Extended date Reference Apr-20 15/05/2020 Friday                                -                           -   May-20 15/06/2020 Monday                  
Continue Reading

PF payment due dates for the FY 2021-22 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2021-22 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2021-22 for quick reference. PF payment due dates for the FY 2021-22 Period Due date Day
Continue Reading

Format of shorter notice consent for AGM (Annual General Meeting)

-
Image
Format of shorter notice consent for AGM (Annual General Meeting) Background The Companies Act mandates companies to issue a notice to members calling a general meeting at least 21 clear days before the date of the meeting. Sometimes, the matters in urgency require quick decision making and in such circumstances, the companies may go for calling general meetings at shorter notice. However, in case of the private limited companies the period can be less than 21 days as provided in the Articles of Association (AOA). Provision and Rule As per the provisions of Section 101 (1) of the Companies Act, 2013, every general meeting of a company may be called by giving not less than twenty-one days clear notice in writing or through electronic mode in such manner as provided under Rule 18 of Companies (Management and Administration) Rules 2014. What is Consent for shorter notice? It is permission obtained by the company from its shareholders, in advance, to call a general meeting at an earlier da
Continue Reading

PF payment due dates for the FY 2022-23 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D
Continue Reading

Letter of Authority for Tax Practitioners (Income tax)

-
Image
LETTER OF AUTHORITY I/We ________________ Proprietor/Partner/Director of _______________________ hereby authorize Mr/Mrs/ CA __________________________ [   to appear, represent and settle on my/our behalf the Income tax assessment proceeding/s before the Income tax officer / Assistant/Dy. / Commissioner of Income tax or in appeal before the Appellate Assistant Commissioner of Income   Tax, Commissioner of Income tax (Appeal) or the Appellate tribunal or the Board of Direct taxes for the assessment year 20XX-XX and   [ to produce accounts and documents / statements and to receive on my/our behalf any notice or documents / statements issued in connection with the said proceedings ] or/and [ to apply for, obtain and receive refund order in respect of the said assessment (if any) and ] or/and [ to apply for copies of the Income tax assessment order, the Appellate order or the order of the Commissioner of Income tax, the Central Board of Direct-taxes ] . I/
Continue Reading