The Deadline for Filing GST Annual Returns has been Extended; Forms Simplified

The government recently had extended the due dates for filing GST annual returns for 2017-18 to 31st December and for the financial year 2018-19, to 31st March next year, which came as a huge relief for the taxpayers.

Also, the dates for filing the reconciliation statement were been extended accordingly. However, the Central Board of Indirect Taxes and Customs (CBIC) stated in a statement that it had decided towards simplifying the two GST forms by means of making several fields of these forms is optional.

The statement said that the government had decided towards extending the due dates of filing of Form GSTR-9 (Annual Return) as well as Form GSTR-9C (Reconciliation Statement) for 2017-18 to 31st December 2019, and for 2018-19 to 31st March 2020.

The previous deadline for filing of GSTR-9 as well as GSTR-9C for 2017-18 was 30th November 2019, while that for 2018-19 has been 31st December 2019. The notifications relating to the extension of the dates were also been issued.

The CBIC in the revenue department had also notified the amendments concerning the simplification of the annual return as well as reconciliation statement forms.

A reconciliation statement allowed the taxpayers to not furnish a split of input tax credit availed on inputs, input services as well as capital goods for the year 2017-18 and 2018-19.
CBIC had further stated that it is estimated that by simplifying the two forms and the extension of deadlines, every GST taxpayers shall be able to file their annual returns together with reconciliation statement in time.

The CBIC statement also held that many representations relating to the challenges faced by taxpayers in the filing of GSTR-9 and GSTR-9C have been received on which by the Government had finally taken a measure in a very responsive manner.

Also presently, the government had clarified that it is the duty of the taxpayer in order to make certain that they do not claim beyond 20% of the eligible input tax credit (ITC) relating to invoices which have not been uploaded through the suppliers. Any claims beyond the set limit shall result in interest and fine.

What is GSTR-9 annual return?

GSTR 9 forms are basically is an annual return which is to be filed yearly by taxpayers registered under GST. GSTR 9 contains details relating to the outward and inward supplies made and received during the entire as well as with turnover and audit details for the same year under different tax heads that is; CGST, SGST and IGST and HSN codes. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, and GSTR-3B) filed in that year. 

What is GSTR-9C?

Every registered individual whose turnover during a financial year goes beyond the set limit of rupees Rs 2 crores would get his accounts audited through a chartered accountant or a cost accountant.

GSTR-9C is defined to be a statement of reconciliation between:

•    the Annual Returns in GSTR-9 filed for a Financial Year,  and

•    the figures according to the audited annual Financial Statements of the taxpayer.

It could be considered to be similar to that of a tax audit report which is provided under the Income-tax act. It would contain the gross and taxable turnover according to the Books reconciled with the particular figures in accordance with the consolidation of all the GST returns for a Financial Year. Thus, any differences if arises from this reconciliation exercise shall be reported here along with the details for the same.

The certified statement would be issued for every GSTIN. Thus, for a PAN there could be several GSTR-9C forms that require to be filed.

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Author:

eStartIndia Team