GST NEWS BULLETIN

GST Revenue Collection for July 2021

The gross GST revenue collection for the month of July 2021 stood at ₹ 1,16,393 crores of which CGST is ₹ 22,197 crores, SGST is ₹ 28,541 crores, IGST is ₹ 57,864 crores (including ₹ 27,900 crores collected on import of goods) and Cess is ₹ 7,790 crores (including ₹ 815 crores collected on import of goods).The above figure includes GST collection received from GSTR-3B returns filed between 1st July 2021 to 31st July2021 as well as IGST and cess collected from imports for the same period.

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Exemption From Filing Annual Return (GSTR-9) For F.Y. 2020-21

CBIC vide Notification No. 31/2021- Central Tax dated July 30, 2021, has exempted the registered persons whose aggregate turnover in the financial year 2020-21 is up to two crore rupees, from filing annual return for the said financial year.

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Transformation From CA Certification To Self-Certification For Filing Reconciliation Statement (GSTR-9C) From F.Y. 2020-21 Onwards

CBIC vide Notification No. 29/2021 & 30/2021- Central Tax dated July 30, 2021 has removed the mandatory requirement of getting annual accounts audited by a chartered accountant or a cost accountant and furnishing of audited reconciliation statement in Form GSTR-9C. Now, annual return in Form GSTR-9 is to be provided along with a reconciliation statement (GSTR-9C) on self-certification basis.

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New Functionality Deployed On GST Portal Displaying Annual Aggregate Turnover (AATO)

GSTN has implemented a new functionality on taxpayers’ dashboards regarding Annual Aggregate Turnover (AATO) with the following features:

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Functionality To Check And Update Bank Account Details Deployed On GST Portal

A new functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required to update their Bank Account Details within 45 days of the first login henceforth.

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