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It has happened yet again. The Central Board of Indirect Taxes and Custom (CBIC), the apex policy-making body for indirect taxes, has extended the due date for filing the annual Goods & Services Tax (GST) returns for financial year 2017-18. The difference this time is that it has been done in a staggered manner for various States.
February 3, 5 and 7
“Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18, it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February, 2020,” the CBIC tweeted late Friday night, which was originally the last date for filing annual returns.
Assesses in Group One States will have time till February 3. These include Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana and Andhra Pradesh. The due date in States of Group Two will be February 5 -- Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan and Gujarat. Group Three -- Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Andaman & Nicobar Islands, Jharkhand, Odisha, Chhattisgarh, Dadra and Nagar Haveli and Daman and Diu, Lakshadweep, Madhya Pradesh and Uttar Pradesh – have time till February 7.
The procedure
It is mandatory to file an annual return. There are three annual return forms, GSTR 9, GSTR 9A and GSTR 9C. Every GST assessee (those who submitted all the monthly return forms of GSTR 3B and GSTR 1) has to file an annual return in GSTR 9. Among these assessees, every registered taxable person whose turnover during a financial year exceeds ₹2 crore, will also be required to get his accounts audited by a chartered accountant or a cost accountant and then submit a reconciliation statement in GSTR 9C along with GSTR 9.
The assessees under the composition scheme (businesses with turnover up to ₹1.5 crore) will be required to file the GSTR 9A form. The number of assesses who have filled returns so far, especially those have to submit GSTR 9C, has been much below expectations, prompting authorities to go for another round of extension.
GST collection
Meanwhile, there is some good news for the government on the GST collection front. The gross GST revenue collected in January is ₹1,10,828 crore, of which CGST is ₹20,944 crore, SGST is ₹28,224 crore, IGST is ₹53,013 crore (including ₹23,481 crore collected on imports) and Cess is ₹8,637 crore (including ₹824 crore collected on imports). The total number of GSTR 3B Returns filed for December up to January 31, 2020, is 83 lakh.
The government has settled ₹24,730 crore to CGST and ₹18,199 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and State governments after regular settlement in January is ₹45,674 crore for CGST and ₹46,433 crore for the SGST.
The GST revenues during January 2020 from domestic transactions has
shown an impressive growth of 12 per cent over that of January 2019.
Taking into account the IGST collected from imports of goods, the total revenue during January 2020 has increased by 8 per cent over the previous-year period. During this month, the IGST on import of goods has shown a contraction of 3 per cent. This is only the second time since the introduction of GST that the monthly revenues have crossed ₹1.1-lakh crore and sixth time during the year it has crossed ₹-1 lakh crore.
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