31st GST Council meeting extends GST Annual Return Filing Due Date
The 31st GST Council meeting that took place on 22nd December 2018 at the Vigyan Bhawan, New Delhi had sought to amend the Goods and Services Tax tariff structure so as to assist the taxpayers and merchants having GST registration. The GST council brought down the GST tax rates on a large number of goods & services.
Moreover, the GST Council in its 31st meeting took crucial decisions in relation with GST rate cuts on services, subject to eligibility of Input Tax Credit on many of them. Apart from that, many services have now been exempted from GST. All these rate changes are directed towards benefitting the taxpayers & traders having GST registration.
However, the most significant decision taken by the GST Council is with regard to the GST return filing procedure. Very importantly, the council has now further extended the due date for Annual GST Return Filing from 31st March 2019 to 30th June 2019.
#1. What is the due date for filing of Annual GST Returns?
- Recently, the Central Board of Indirect Taxes and Customs (CBIC) had previously extended the deadline for filing of GSTR-9 from 31st December 2018 to 31st March 2019, in order to provide sufficient time to taxpayers for clarifying their doubts on annual GST return filing procedure.
- As per the decision of the council, the deadline for furnishing the annual returns FORM GSTR-9, GSTR-9A and reconciliation statement i.e. FORM GSTR-9C for the FY 2017 – 2018 shall now be further deferred till 30th June 2019.
#2. What are other changes made in Annual GST Return Filing?
Apart from the due date extension, the GST council has introduced several other changes in the Annual GST Return Filing procedure. All those key amendments are listed below-
- Headings in the annual returns GSTR-9 & GSTR-9A would be amended. The returns would be in respect of supplies ‘made during the year’ instead of ‘as declared in returns filed during the year’.
- Returns GSTR-1 & 3B pertaining to every month/quarter are to be filed before filing the GSTR-9 & GSTR-9C (reconciliation statement).
- Similarly, all those taxpayers having GST registration under composition scheme need to file all the GSTR-4 returns before filing the annual GST Return Filing FORM GSTR-9A.
- The Input Tax Credit can’t be availed through FORM GSTR-9 & 9C.
- All invoices related to previous Financial Year Shall be auto-populated in GSTR-9, regardless of the month in the particular GST invoice was reported in GSTR-1.
- HSN code shall now be asked only for those inward supplies whose value accounts for above 10% of the total value of inward supplies.
- The value of “non-GST supply” shall now also include the value of “no supply”, in GSTR-9.
- The reconciliation statement in the form of GSTR-9C shall now also include the verification by the taxpayer.
- Besides, the new GST return filing procedure shall be made introduced on a trial basis from 1st April 2019 and on a mandatory basis from 1st July 2019.
#3. Whether GST Return Filing due date for e-commerce operators also extended?
The GST council has also deferred the due date for furnishing of GSTR-8 return for the months of October to December 2018 till 31st January 2019 by the e-commerce operators having GST registration.
#4. What about the taxpayers who wish to avail input credit?
The GST council has introduced some changes with respect to availing of input credit during the FY.
- Input Tax Credit pertaining to GST invoices issued by a supplier during FY 2017-18 shall be availed by recipient till the due date for filing GSTR-3B for March 2019, subject to specified conditions.
- Council has now extended the due date for return FORM GST ITC-04 for the period July 2017 to December 2018 till 31st March 2019. This form consists of all details of inputs or capital goods dispatched or received from a job worker during any quarter.
#5. Will the late fee in case of GST Return Filing waived off?
In case of GST Return Filing procedure in FORM GSTR-1, GSTR-3B and GSTR-4 for the months/quarters July 2017 to September 2018, which are filed after 22nd December 2018 but on or before 31st March 2019, the Late fee shall be fully waived off for all taxpayers.
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