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Govt extends due date for filing FY20 GST annual returns till March 31

Govt extends due date for filing FY20 GST annual returns till March 31

The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31.

This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28.

In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with the approval of Election Commission of India, the Finance Ministry said in a statement.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads.

GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.

On the extension, Associates Senior Partner Rajat Mohan said, Even though it is a relatively small extension of 31 days but is sufficient for the tax professionals to complete the requisite filings.

Tax Partner Abhishek Jain said most industry players were struggling to meet this statutory deadline and had represented to the government for an extension.

Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.

Source: Business-Standard 

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GSTN issues Advisory on Annual Return Form GSTR-9

GSTN issues Advisory on Annual Return Form GSTR-9

The Goods and Service Tax Networks (GSTN) issued the Advisory on Annual Return Form GSTR-9.

The GSTN advised the taxpayers to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals.

GSTR-9 is an annual return to be filed by all registered taxpayers under GST which is optional for those whose annual turnover is upto 2 crores. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer.

It is noteworthy that the due date for filing GSTR-9 (GST Annual Return) and GSTR-9C (GST Audit) for Financial Year 2019-20 is 28th February 2021.

Source: TaxScan. 

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GST portal experiences technical glitch raises worries of taxpayers

GST portal experiences technical glitch raises worries of taxpayers

The Goods and Services Tax (GST) portal experienced technical failure on Thursday, leaving taxpayers worried amid fast approaching due dates for return filing.

The technical failure of the portal, which is maintained by Infosys, caused #gstnfailed to trend on Twitter.

The official Twitter handle of the GST Network (GSTN) responded on the micro-blogging site saying: “Dear Taxpayers, we have received complaints regarding difficulty in accessing the portal. We are working to resolve the same and will keep you updated.”

Hours later, in another tweet, it said: “Dear Taxpayers, we have again received complaints of denial of access to the portal and are working to resolve it. Inconvenience caused is regretted. Team Infosys-GSTN.”

The Infosys-GSTN team has finally confirmed in a tweet that the problem faced by the users has been resolved.

“Dear taxpayers, we observed some activity in cyber space by unscrupulous elements because of which some taxpayers may have experienced difficulties/delays in accessing GST Portal which otherwise is working fine. We have resolved the problem and blocked these activities. Kindly retry to access the portal. Inconvenience caused is regretted. Infosys-GSTN team,” it wrote on Twitter.

The Centre has extended the due date for furnishing annual GST or goods and services tax returns for the financial year 2019-20 by two more months. The new deadline is 28 February, 2021, instead of 31 December, 2020.
GST is an indirect tax that replaced a welter of indirect taxes in India such as the excise duty, services tax, and VAT. The GST Act was approved in Parliament on 29 March, 2017, and became law on 1, 2017.

Form GSTR 9 is used by the registered taxpayers to file a GST return every year.

Source: Live-Mint

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CBIC extends deadline for filing GST Annual Returns

CBIC extends deadline for filing GST Annual Returns

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the filing of GST Annual Returns ( GSTR-9 ) for the Financial Year 2019-2020 till February 28th, 2021.

Earlier, the due date was December 31. There have been demands to extend the date for two reasons: first, the pandemic, and second, the due date for annual returns for FY19-20 is December 31.

GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures. The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST & Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Source: TaxScan.

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GST: CBIC enables GSTR-9 of FY 2019-20 on GST Portal

GST: CBIC enables GSTR-9 of FY 2019-20 on GST Portal

The Central Board of Indirect Taxes ( CBIC ) has enabled the GST Annual Return ( GSTR-9 ) of Financial Year 2019-20 on the GST Portal.

A statement issued by CBIC said that, Facility to file an annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of table 8A of the said return for auto-population from returns is in progress which is likely to be completed soon. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return.

GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.

The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST & Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

It may be noted that filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 Crore. The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto Rs. 5 Crore.

Source: TaxScan. 


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Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

In a major relief to businesses, the government plans to do away with monthly filing of Goods and Services Tax (GST) returns after the electronic invoice (e-invoice) is fully operationalised, which will not only reduce compliance burden but also check tax evasion, finance secretary Ajay Bhushan Pandey said.

“GSTR-1 and GSTR-3B will ultimately be phased out, once we fully operationalise the electronic invoice (e-invoice),” he said. In the normal course, the two GST returns (GSTRs) means 24 returns filed by GST registered entities every month. The GSTR-1 is a return indicating sales or outward supplies made during the month and the GSTR-3B is the summary return indicating supplies made, input tax credit availed and tax payment made for the month.

E-invoicing is already under implementation in phases. It will be mandatory for all from the next financial year as part of the government’s ongoing efforts towards ‘Ease of Doing Business’ and ‘Honouring the Honest’. Once put into operation, both e-way bill system and filing of certain GST returns (GSTR) would be eventually be withdrawn, said Pandey, who is also the revenue secretary.

The government has already announced a roadmap to implement e-invoices. Currently e-invoicing is mandatory for companies with turnover of Rs500 crore or more. From January 1, 2021 it will be compulsory for companies having turnover of over Rs100 crore, and from April 1, 2020 it will be mandatory for all.

“Actually our objective is, once you have an electronic invoice it should ultimately do away with your e-way bills, and also eventually do away with GST returns because from the e-invoice itself your returns can be generated. Then, at the end of the month the taxpayer has to simply validate his return and make the payment of taxes,” the finance secretary said.

The government on October 1 introduced the e-invoicing system for businesses with an annual turnover of over Rs500 crore, which replaces the physical invoice and allows buyers and sellers to have real time information of the invoices. Eventually, e-invoice will auto-populate GST returns and businesses will not be required to generate e-way bills.

To be sure, the introduction of e-invoicing system was initially scheduled from April 1, 2020, but it was postponed to October 1 because of the sudden outbreak of Covid-19 pandemic.

The finance secretary said “The e-invoice system will lead to a massive reduction in compliance and at the same time it will be good for industry, good for the taxpayers and very difficult for the fraudsters.”

The government, which has launched a major drive against GST frauds, believes that e-invoicing system will instantly eliminate fake invoices, currently rampant to fraudulently claim input tax credit (ITC).

“Rationalisation in the number of returns would really aid businesses by reducing the compliance burdens, which have significantly increased in the GST regime, especially for the service sector. Any method of auto-population of data in the monthly returns, with a facility for businesses to amend the data, would also go a long way in improving the ease of doing business,” MS Mani, partner at consulting firm, said.

Chartered accountant, Sunil Kumar said, “E-invoicing system auto-populates e-invoice data submitted by taxpayer over Invoice Registration Portal to GSTN [GST Network] portal which eventually helps in auto generation of GST returns.”

“Entry of invoices and access to the invoices data on real time basis, will leave less scope for invoice manipulation, thereby reducing the instances of fake invoice and tax invasion. E-invoicing system invites strong IT infrastructure,” he added.

According to experts, this reform will lead to massive reduction in compliance burden as a company having business operations in 25 states have to file both GSTR-1 and GSTR-2B separately in 25 jurisdictions, every month. “If an entity operates in 25 states, it has to file 50 returns per month, hence 600 monthly returns in a year,” Mani said. This is in addition to the two annual returns – GSTR-9 and 9C to be filed for each registration, he added.

Source: Hindustan-Times.

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Due Date For Filing 2018-19 Annual GST Returns Extended Till December 31

Due Date For Filing 2018-19 Annual GST Returns Extended Till December 31

The government on Saturday extended the due date for furnishing annual GST or goods and services tax returns for financial year 2018-19 by two months. The new deadline is December 31, instead of October 31. This is applicable to businesses filing annual returns as well as audit reports for the year to March 31, 2019. Earlier, the taxman had extended the due date by a month till October 31. Now, businesses can file the annual return, using Form GSTR-9, and the reconciliation statement, Form GSTR-9C, for financial year 2018-19 by December 31.

The Central Board of Indirect Taxes and Customs (CBIC) said the government has been receiving a number of representations on the need to extend the due date, on account of obstruction to business due to COVID-19-related restrictions.

Form GSTR 9 is used by registered taxpayers to file a GST return every year. The return contains details on inward and outward supplies under different heads.

Form GSTR-9C comprises a statement of reconciliation, matching details provided in a GSTR-9 return with the audited annual financial statements.

Currently, GST assessees with aggregate annual turnover of more than ₹ 2 crore have to furnish annual returns mandatorily. Only by registered GST assesses with aggregate annual turnover of more than ₹ 5 corer are required to file the reconciliation statement (GSTR-9C).

Source: NDTV.

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GSTN enables functionality to help GST payers on ITC eligibility

GSTN enables functionality to help GST payers on ITC eligibility

GST Network has enabled a functionality to help GST payers know their input tax credit (ITC) eligibility in their Annual Return, making it more convenient to file GSTR-9.

So far, the GST system used to compute eligible ITC based on suppliers’ sales return GSTR-1, but the break-up at the invoice level was not provided.

Taxpayers used to raise a query on the computation of ITC.

In a statement, Goods and Services Tax Network (GSTN), which handles the technology backbone of GST, said that to bring the entire computation to taxpayers by way of showing each invoice filed by the suppliers and showing eligibility against each, this functionality has been developed.

“GSTN has rolled out an important functionality today which will help GST taxpayers know their exact eligibility of ITC flowing in their Annual Return and thereby filing the annual return, i.e. GSTR-9 more conveniently,” GSTN said in the statement.

For this functionality, a new tab ‘Download Table-8A details’ has been introduced on the GSTR-9 dashboard of the GST portal from Financial Year 2018-19 onwards, it added.

Source: Live-Mint.

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CBIC extends due date for Filing GST Annual Return

CBIC extends due date for Filing GST Annual Return

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) for the Financial Year 2018 – 19 to be extended till the 30th of September, 2020.

The GST Council, in its 39th meeting, had extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to 30th June 2020.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST, and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.

The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Read Notification here: https://www.taxscan.in/preview/?previews=15ax53cDwCpa7kwoRqfcTGX6Lai_q4Go_

Source: TaxScan.

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GST Council extends Due Date for filing GSTR-9 and GSTR-9C for FY 2018-19

GST Council extends Due Date for filing GSTR-9 and GSTR-9C for FY 2018-19

The GST Council, in its 39th meeting held yesterday, has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 30th June 2020.

The GST Council also recommended that, Late fees not to be levied for delayed filing of the Annual Return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

The GST Council also announced the Relaxation to MSMEs from the furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores.

The due date of filing GSTR-9 and GSTR-9C for the Financial Year 2017-18 has been ended on 7th February 2020.

A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.

Source: TaxScan.

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