A piece of good news for taxpayers as CBIC extends annual GST return filing due date of FY-21. This was done as multiple businesses were requesting the extension of the deadline for the financial year 2020-21 which ended in March 2021. The CBIC notified this good news of the deadline extension on its official Twitter account. In this article, we will be discussing the latest updates as CBIC Extends Annual GST Return Filing due date of FY-21. We will also be understanding the Annual GST Return Filing.
What is the Annual GST Return Filing? Who is required to file GST Annual Return?
The GSTR 9 or GST Annual Return is the form to be filed by the taxpayer every year enrolled under GST. In other words, every taxpayer has to do annual return filing along with other returns after the successful GST Registration.
This annual return is known as GSTR 9 and it has the following details:
- Details of all the transactions during a financial year under CGST, IGST and SGST
- Indicate the annual sales and thus decide the criteria where the tax liability is present
- Details of the inward supplies and the Input Tax Credit Availed
- Classification of the input supplies or services, capital goods, etc.
- The taxpayer also has to mention the details of Input Tax Credit that they need to reverse.
The basic purpose of annual GST Return Filing is to ensure the transparency of monthly and quarterly returns. The Annual GST Return Filing also assists in the reconciliation of the information given in previous returns.
Learn more about GST Return Filing through our free guide – GST Return Filing Guide PDF
It is mandatory to file Annual GST Return for every business having the GST Registration and the annual turnover of the business exceeds Rs. two crores.
The due date for GST Annual Return is the 31st December of the next year. For example, the due date to file GST Annual Return for the fiscal year 2020-21 is 31st December 2021.
However, as per the recent notification by the CBIC, it has been extended.
Latest Update: CBIC Extends Annual GST Return Filing Due Date of FY21
The CBIC has extended the due date of the annual GST return filing. It is extended up to two months till February 28th, 2022. CBIC(Central Board of Indirect Taxes and Customs) has notified this relieving news through its official Twitter handle.
In simple words, the taxpayers can now file their GST Annual Return till the 28th February 2022.
Afterward, taxpayers will have to face the penalty. This penalty can be Rs. One hundred per day or the maximum penalty can go up to the hefty amount of Rs. Five Thousand per failure to file a single return.
How to do the GST Annual Return Filing?
- Contact our business advisors at 8881-069-069 or Provide us the required documents and the information through email to the [email protected]
- Choose the package from GST Return Filing Online and your task will be assigned to the dedicated and experienced GST Professional.
- The professional expert will prepare the GST Return and file it with the GST Department.
- You will get the acknowledgment from the portal shared with you over the email.
This streamlined and smooth process allows you to avoid errors, claim the correct ITC, understand the applicability of reverse charge mechanism, reversal of ITC and Blocked Credits, avoid penalties, and much more.
Thus, you can avail yourself of the several benefits of filing the GST Returns through our portal.
What are the benefits of GST Return Filing?
- The GST Return Filing is completely online so you can upload the forms 24*7.
- Prevent GST Registration Cancellation in case of failure to file GST Returns
- Get a good scorecard or compliance rating. Thus, get better clients and also improve the credibility of businesses.
- GST Return Filing allows taxpayers to get a business loan easily. Most banks check the credit score on the basis of their GST Returns.
- The taxpayers can generate e-way bills and transport their goods only if they file GST Returns consistently.
- GST Return Filing also allows the online payment of GST.
Moreover, If you want any other guidance relating to GST Return Filing or GST Registration, please feel free to talk to our business advisors at 8881-069-069.
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