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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

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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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Government extends due date for GSTR-9 and GSTR 9C till October 31

Government extends due date for GSTR-9 and GSTR 9C till October 31

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The Government on Wednesday extended the due date to file GSTR9 and 9C for 2018-19 by a month.

“After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020,” said a tweet from Central Board of Indirect Taxes and Customs (CBIC).


“With the GST annual compliance date coinciding with implementation of e-invoicing, the industry had given up hope on meeting both the statutory deadlines. Though announced at the last moment, still the deferment is likely to bring some respite to the industry,” said Harpreet Singh, Partner,  in India.

Earlier the Institute of Chartered Accountants of India (ICAI) has written to the GST Council seeking deferment of 2018-19 GST annual return filing deadline by three months till December 31. The government had in May extended the last date for filing annual GST return for financial year 2018-19 by three months till September 2020.

Source: Economic-Times

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CBIC extends due date for Filing GST Annual Return

CBIC extends due date for Filing GST Annual Return

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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

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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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CBIC enables option to File GSTR-9 & GSTR-9C for FY 2018-19

CBIC enables option to File GSTR-9 & GSTR-9C for FY 2018-19

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The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19.

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.

GSTR-9C is reconciliation statement which is every registered person whose turnover during a financial year exceeds the prescribed limit of rupees two crores shall get his accounts audited by a chartered accountant or a cost accountant.GSTR-9C is a statement of reconciliation between the Annual Returns in file GSTR-9 for an FY and the figures as per the audited annual Financial Statements of the taxpayer.

It can be considered to be similar to that of a tax audit report furnished under the Income-tax act. It will consist of gross and taxable turnover as per the Books reconciled with the respective figures as per the consolidation of all the GST returns for an FY. Hence, any differences arising from this reconciliation exercise will be reported here along with the reasons for the same.

The late fees for not filing the annual return on the due date are Rs. 200 per day. This implies that the person has to pay Rs. 100 under the CGST Act and Rs. 100 under the SGST Act as a penalty in case of delay. The penalty is subjected to a minimum of 0.25% of the taxpayer’s turnover in the relevant state. There are no fees on IGST yet.

The due date to file GST annual for the Assessment Year 2018-19 is 31st March 2020.

Source: Tax-Scan

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CBIC simplifies filing of GSTR-9C ahead of deadline

CBIC simplifies filing of GSTR-9C ahead of deadline

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The Central Board of Indirect Taxes and Customs ( CBIC ) has made simplification in the filing of GSTR-9C ahead of the deadline.

The CBIC said that,  It’s not mandatory to attach cash flow statement. Instead of ‘True & Correct’ opinion Auditor required to give ‘True & Fair’ opinion.

The CBIC also said that, Table 14 made optionally and Option provided not to fill ‘ITC booked in previous FY claimed in current FY; and, ITC booked in current FY to be claimed in next FY’, in Table 12.

Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 of the CGST Act, and shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.
Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 to January 31st, 2020.

The CBIC also added that, Option provided not to fill unbilled revenue, unadjusted advances & other entries in Table 5. Any adjustments requiring reporting can be entered in Table 5 0.
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.

Earlier, the CBIC had said that the Balance sheet and Profit & loss statement/income & Expenditure Statement keywords used in office network firewall/content security filter firewall to deny upload of such files/content as these contain sensitive information.

Source: Tax-Scan

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GSTR-9, GSTR-9C gets simplified further, submission dates extended

GSTR-9, GSTR-9C gets simplified further, submission dates extended

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The Government has to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to December 31, 2019 and for Financial Year 2018-19 to March 31, 2020.

It has also decided to simplify these forms by making various fields of these forms as optional.

The Central Board of Indirect Taxes & Customs (CBIC) on Thursday notified the amendments regarding the simplification of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) which inter-alia allow the taxpayers to not to provide split of input tax credit availed on inputs, input services and capital goods and to not to provide HSN level information of outputs or inputs, etc. for the financial year 2017-18 and 2018-19.

CBIC expects that with these changes and the extension of deadlines, all the GST taxpayers would be able to file their Annual Returns along with Reconciliation Statement for the financial years 2017-18 and 2018-19 in time.

“Since the returns were not simplified, the extension is not a surprise. However, frequent extensions and delay in non-simplification has been a let down for businesses. Our sense is that businesses are ready to comply with GSTR-9 so they can move on and prepare for the new simplified return filing system,” said Archit Gupta .

Earlier the last date for filing of GSTR-9 and GSTR-9C for Financial Year 2017-18 was November 30, while that for Financial Year 2018-19 was December 31.

Source: Economic-Times

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