Yesterday night a news was published in hindubusinessline.com wherein it was stated that the last date of filing annual GST return for FY 2019-20 has been extended from 31st December,2020 to 31st March,2020. However till now there is no official notification or press release or tweet in this regard. Although as reported a fake tweet was getting circulated on due date extension.
Further as per recent tweet of CNBC TV 18 Finance Ministry had received many representations to extend deadlines for GSTR-9A & 9C for FY 2018-19 and 2019-20 & ITR for AY 20-21 and income tax audit which expires on December,31.
Considering these it has been stated in the tweet by CNBC TV 18 that Finance Ministry is likely to extend deadlines by one to two months. However it has been stated that formal decision is yet to be taken.
For ready reference of the readers the news published in hindubusinessline regarding due date extension is as under:
The Finance Ministry has extended the last date for filing annual GST (Goods & Services Tax) returns for FY20 to March 31, 2021.
Earlier, the due date was December 31. There have been demands to extend the date for two reasons: first, the pandemic and second, the due date for annual returns for FY19 is December 31.
There are mainly two annual returns GSTR 9 and 9C. GSTR-9 is the annual return to be filed by every GST registered taxpayer irrespective of their turnover. GSTR-9C is the reconciliation statement to be submitted by those GST registered taxpayers to whom GST audit applies, that is those taxpayers whose turnover exceeds ₹2 crore.
It may be noted that filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below ₹2 crore. The filing of reconciliation statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto ₹5 crore.
The late fees for not filing the GSTR 9 within the due date is ₹100 per day, per act. That means late fees of ₹100 under CGST & ₹100 under SGST will be applicable in case of delay. Thus, the total liability is ₹200 per day of default. This is subject to a maximum of 0.25 per cent of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.
Our Comments:
In our view the extension of due date of filing of GSTR-9 and 9C for the FY 2019-20 till 31st March, 2020 is almost certain and may be announced anytime. However as regards FY 2018-19 the Government seems to be not in a mood to give any further extension as same has earlier been extended on several occasions.
Various professional bodies have already requested the Government to extend the due dates including that of annual return for FY 2018-19. Lets wait and watch whether the Government will pay heed to the request of the taxpayers and the professional bodies. Further what happens on the due dates of Income Tax remains to be seen.
Also Read: All about nine amendments in CGST Act applicable from 1 Jan, 2021
Also Read: Amendment in CGST Rules, 2017 : 10 Things you should know
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