ICAI raises its Concern over increasing the threshold limit from Rs. 2 Crore to Rs. 5 Crore for filing Reconciliation Statement in form GSTR-9C and requested CBIC to reconsider its decision.
ICAI submitted that As per the data available 7% of registered taxpayers fall in the category of turnover above Rs. 5 Crores and hence a large number of assessee base will be left out of any basic verification or scrutiny which may result in avoidable tax evasion.
ICAI also suggested that certification cum reconciliation statement be incorporated in Form-9 itself instead of a separate Form 9C and ease the compliance while maintaining revenue collection.