After attending the 43rd GST Council meeting, Finance Minister Nirmala Sitharaman said, ‘Annual Return filing will continue to be optional for FY 2020-21 for small taxpayers, having a turnover less than Rs 2 crores while reconciliation statements for 2020-21 will be furnished only by those taxpayers whose turnover is Rs 5 crores or more. Annual income tax return filing has also been simplified. The GST Council has recommended amending the CGST Act to allow for self-certification of reconciliation statements, instead of getting it certified by Chartered Accountants.’
