On Sunday, the government extended the deadline for filing GST annual tax returns for fiscal year 2019-20 by one month until March 31st. This is the second extension by the government. The deadline has been extended from December 31, 2020 to February 28, 2020. Given that taxpayers are struggling to meet this deadline, the government has decided to further extend the deadline for GSTR-9 and GSTR-9C. The Treasury said in a statement that it had been approved by the Indian Election Commission from fiscal year 2019-20 to March 31, 2021. GSTR 9 is an annual tax return filed annually by taxpayers registered under the Goods and Services Tax (GST). It consists of details about outward and inward supplies created or received under various tax offices.
GSTR-9C is a statement regarding adjustments between GSTR-9 and audited annual financial statements. Regarding the extension, Rajat Mohan, senior partner at AMRG & Associates, said the relatively short extension of 31 days is sufficient for tax professionals to complete the required tax returns.
EY’s tax partner Abhishek Jain said most industry players were struggling to meet this statutory deadline and represented the government to extend it. The submission of annual revenue is only required for taxpayers with annual total sales of more than Rs 200 million, but the adjustment statement must be submitted only by registrants with total sales of more than Rs 500 million.
The government will extend the deadline for filing the FY20 GST annual tax return until March 31st.
Source link The government will extend the deadline for filing the FY20 GST annual tax return until March 31st.