ECONOMY

Govt Extends the Last Date for Annual GST Filing Till March End for FY 20

The government has extended the deadline for filing annual goods and service tax (GST) return and reconciliation statements for FY20 till March-end, from the existing date of February 28.

“In view of the difficulties expressed by the taxpayers in meeting this time limit, the government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to 31.03.2021 with the approval of Election Commission of India,” the Central Board of Indirect Taxes and Customs (CBIC) said Sunday.

GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. On the extension, AMRG & 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”. EY 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 a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.

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