GST Return Filing Deadline: The government has extended the due date for furnishing annual GST or goods and services tax returns for the financial year 2019-20 by two more months
Annual GST Return Filing Deadline Extended: In view of providing relief amid the COVID-19 crisis, the government has extended the due date for furnishing annual GST or goods and services tax returns for the financial year 2019-20 by two more months. The new deadline is February 28, 2021, instead of December 31. This is applicable to the businesses filing annual returns as well as audit reports for the year to March 31, 2020. Earlier, the taxman had extended the last date from October 31 to December 31, 2020. Now, businesses can file the annual return, using Form GSTR-9, as well as the reconciliation statement, Form GSTR-9C, for the financial year 2019-20 by February 28, 2021.
GST is an indirect tax that replaced a welter of indirect taxes in India such as the excise duty, services tax, and VAT. The GST Act was approved in Parliament on March 29, 2017, and became law on July 1, 2017.
The Central Board of Indirect Taxes and Customs (CBIC) said the government has been receiving several representations on the need to extend the deadline, on account of obstruction to business due to COVID-19-related restrictions.
Form GSTR 9 is used by the registered taxpayers to file a GST return every year. The return contains all details on inward and outward supplies under different heads. Form GSTR-9C comprises a statement of reconciliation, matching the details provided in a GSTR-9 return along with the audited annual financial statements.