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Taxation Central Ministry of Finance Central Goods and Services Tax Act, 2017

Introduction of section 110 and 111 of the Finance Act, 2021

30-Jul-2021 | 29/2021-Central Tax

Central Government has notified August 01, 2021 as the effective date of provisions of Section 110 & 111 of The Finance Act 2021 to come into force.

1.Section 110 of the Finance Act-
Section 35 (5) of Central Goods and Services Tax Act , which specifies the submission of audited accounts, the reconciliation statement under section 44(2) has been omitted.

2. Section 44 of Central Goods and Services, which specifies Annual Return has been Substituted, namely-
'Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable 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.'

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