Thursday, August 11, 2022

Govt extends due dates for filing GST annual return and IT returns

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  • Due dates for filing income tax returns and tax audit reports for FY20 for various classes of taxpayers have been extended

  • GST council has extended the due date for filing the annual return for FY19 from 31 October to 31 December

New Delhi: The Government on Saturday has extended the due date for filing the annual return (Form GSTR-9/GSTR-9A) and reconciliation statement (Form GSTR-9C) for the financial year 2018-19 from October 31, 2020, to December 31, 2020. "The authority has been receiving a number of representations regarding the need to extend the due date for filing the annual return (Form GSTR-9) and reconciliation statement (Form GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, the normal operation of businesses have still not been possible in several parts of the country. In view of the same, on the recommendations of the GST Council, it has been decided to extend the due date for filing Annual Return (Form GSTR-9/GSTR-9A) and Reconciliation Statement (Form GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December 2020" a press release issued by the Ministry of Finance said.

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For filing income tax returns for FY20, individuals who are not required to conduct a tax audit report will now get time till 31 December. The original due date of 31 July was earlier extended to 30 November.

Taxpayers who are required to file their tax audit reports—professionals with gross receipts more than ₹50 lakh and those running businesses with sales up to ₹1 crore—have also got extra time. They can now file their tax returns by 31 January. The earlier deadline, after one extension, was 30 November.

Assessees who enter into international transactions or specified domestic transactions and are required to file tax audit reports have also been given extra time to file their FY20 tax returns. As per Saturday’s announcement, they can file their tax returns for FY20 by end of January.

“Consequently, the date for furnishing of various audit reports under the Income-tax Act including tax audit report and report in respect of international or specified domestic transaction has also been extended to December 31, 2020," said the finance ministry in the press release.

The ministry also gave extra time for small taxpayers to pay their self- assessment tax. This facility is available only to those with self-assessment tax liability up to ₹1 lakh. Accordingly, those who are liable to get a tax audit done, can pay self-assessment tax by end of January and others can pay by end of December. The finance ministry said it will notify these changes.

The government has also said it has been receiving requests for more time to file GST annual return and the reconciliation statement for FY19. Accordingly, the due date for the same has been extended from 31 October to 31 December, mentioned press release.

Filing annual return (form GSTR-9/GSTR-9A) for FY19 is optional for taxpayers who had sales below ₹2 crores. Filing of reconciliation statement in form 9C is optional for the taxpayers with sales up to ₹5 crore, the ministry in the press statement.

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