News

FinMin extends deadline for filing GST annual returns till March 31

Our Bureau New Delhi | Updated on December 08, 2018

No respite Businesses now have only three days left to file the returns online   -  shylendrahoode

Good news for trade and businesses. The Finance Ministry has extended the due date for filing annual return by three more months.

“The competent authority has decided to extend the due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till March 31, 2019,” a statement issued by Central Board of Indirect Taxes and Custom said while adding that the requisite forms shall be made available on the GST common portal soon. Earlier, the last date was December 31, 2018.

Various trade and industry bodies had demanded due date to be extended. Their contention was that till today the format of filing of annual GST Return and even other option is not available anywhere including on GST website. They argued that the annual GST return assumes much significance as it gives last opportunity to assessees to rectify their previous returns filed with the department for the particularyear.

In separate petitions to the Finance Ministry, industry chambers said that tax payers and professionals spend more time resolving and reloading the returns. Further, registration of HSN-wise declaration of inward and outward supply of goods has been a huge hassle for the tax payers. HSN code for inward supplies was not required for GSTR-3B returns, but the same had to be mentioned in the annual return.

Tax payers will have to scrutinise all their past purchases and monthly past returns to fill up the particulars in the annual return. For those engaged in small business/trade, the process is found to be more strenuous and time consuming as they do not have the expertise to review all past purchases. With due dates for filing GSTR-3B extended for different months, compliance on payment of interest and late fee has become cumbersome, chambers said.

”This was quite a sought after extension by the industry; specifically for most of those industry players who have been struggling to collate the information required to be disclosed in GSTR-9 and GSTR-9C,” Abhishek Jain, Tax Partner at EY said.

Published on December 08, 2018

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like