Substitution of new section for section 44: Annual Return
Substitution of new section for section 44: Annual Return, as introduced in Union Budget 2021
Section 44 of the CGST Act is being substituted so as to remove the mandatory requirement of furnishing a reconciliation statement duly audited by a specified professional and to provide for filing of the annual return on self-certification basis.
Explanation
Every *registered person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed.
*Registered Person Excludes:
- Input Service Distributor,
- Person paying tax under section 51 (TDS) or section 52 (TCS),
- Casual taxable person
- Non-resident taxable person and
Note: The Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section.
Non- Applicability of Section-44:
This section shall not apply to any department of:
1. The Central Government or
2. A State Government or
3. A local authority,
Whose books of account are subject to audit by the Comptroller and Auditor- General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.”.
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