Big relief for composite GST taxpayers, the Institute of Chartered Accountants of India (ICAI) has written to the GST Council asking for an extension of GST annual return filing for FY19.
Let’s understand in detail –
Due to the COVID-19 pandemic, The Institute of Chartered Accountants of India (ICAI) has written to the GST Council seeking an extension of GST annual return filing for FY19 deadline by 3 months till December 31.
Now you need to ensure some facts about the GSTR-9
Know About GSTR-9
As we know, GST return filing is mandatory for taxpayers who indulge in various types of businesses. GSTR 9 is an annual return to be filed yearly by taxpayers registered following the Goods and Services Tax (GST). It consists of aspects concerning the outward and inward supplies made or obtained under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.
Why ICAI Ask for extension of GST annual return filing?
In its representation to the GST Council, the ICAI stated that the majority of the offices are working only partially due to the COVID-19 pandemic. They request to provide suitable relaxation to the registered persons and extend due dates of GST annual return filing for FY19 by 3 months till December 31, 2020. This would render needed relaxation to the trade, in combating the circumstances arising out of coronavirus.
Major Relaxation for Taxpayers
Two major relaxations for taxpayers filing GST annual return for 2018-19
- By the extension of the GST annual return filing date, it would help to provide needed relaxation to the trade and taxpayers.
- Also, it would render the requisite breathing space to businesses.
NOTE- The government May extended the last date for filing annual GST return for the financial year 2018-19 by three months till September 2020.
TCS functionality on GSTR-8 Return enables for GST Composite Taxpayers
In case, you need any kind of guidance related to the GST return filing procedure, or any other GST compliance, please feel free to contact our business advisors at 8881-069-069.
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