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

By: |
February 28, 2021 7:40 PM

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

Finance ministryFor the current financial year, the government had allocated Rs 20,000 crore for capital infusion into the PSBs for meeting the regulatory requirement. Among the 12 PSBs, Punjab & Sind Bank was given Rs 5,500 crore in November last year.

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 the 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, 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 reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.

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