CBIC extended the deadline for filing Goods and Services Tax (GST) Annual Returns

The government had extended the due date for furnishing annual Goods and Services Tax (GST) returns for the financial year 2019-20 till 28th February 2021. 

Taking into consideration to provide relief amid the COVID-19 crisis, the government had extended the due date for furnishing annual Goods and Services Tax (GST) returns for the financial year 2019-20 by two more months. The new deadline is 28th February 2021 now, instead of 31st December 2020. This is applicable towards the company’s filing annual returns as well as audit reports for the year to 31st March 2020. Previously, the due date had been extended from 31st October to December 31, 2020. Now, businesses could file the annual return, making use of the Form GSTR-9, as well as the reconciliation statement, Form GSTR-9C, for the financial year 2019-20 by 28th February 2021. 

The Central Board of Indirect Taxes and Customs (CBIC) stated the government was receiving many representations on the requirement to extend the due date, because of the obstruction to business due to COVID-19-related limitations.

GSTR-9 form is basically an annual return that is required to be filed yearly by individuals registered under GST. It comprises details relating the outward and inward supplies made/received during the pertinent previous year under different tax heads, that is, Central Goods and Services Tax (CGST), State Goods and Service Tax (SGST), and Integrated Goods and Services Tax (IGST) and Harmonized System of Nomenclature (HSN) codes. It’s a consolidation of every monthly/quarterly return that is Form GSTR-1, GSTR-2A, GSTR-3B, which are filed in that year. However, this return helps in the extensive reconciliation of data for 100% transparent disclosures. The penalty for not filing the GSTR 9 within the deadline is Rs 100 per day, per act, which includes that late fees of Rs 100 under CGST and Rs 100 under SGST shall be applicable in case of delay. Therefore, the total liability is Rs 200 per day in case of delay. This is subjected to a maximum of 0.25% of the taxpaying individuals turnover in the pertinent state or union territory. Though, there is no late fee on Integrated Goods and Services Tax (IGST) yet.

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Author:

eStartIndia Team