The federal government on Sunday prolonged the deadline for submitting GST annual returns for 2019-20 fiscal by a month until March 31. That is the second extension given by the federal government. The deadline was earlier prolonged from December 31, 2020, to February 28. In view of the difficulties expressed by the taxpayers in assembly this time restrict, Authorities has determined to additional prolong the due date for furnishing of GSTR-9 and GSTR-9C for the monetary yr 2019-20 to March 31, 2021 with the approval of Election Fee of India, the Finance Ministry stated in a press release. GSTR 9 is an annual return to be filed yearly by taxpayers registered beneath the Items and Companies Tax (GST). It consists of particulars relating to the outward and inward provides made or obtained beneath completely different tax heads.
GSTR-9C is a press release of reconciliation between GSTR-9 and the audited annual monetary assertion. On the extension, AMRG & Associates Senior Associate Rajat Mohan stated, Though it’s a comparatively small extension of 31 days however is enough for the tax professionals to finish the requisite filings.
EY Tax Associate Abhishek Jain stated most business gamers have been struggling to fulfill this statutory deadline and had represented to the federal government for an extension. Furnishing of the annual return is obligatory just for taxpayers with combination annual turnover above Rs 2 crore whereas reconciliation assertion is to be furnished solely by the registered individuals having combination turnover above Rs 5 crore.