Last date for filing annual GST returns for FY20 extended to March 31
The last date for filing annual GST returns for FY20 extended to March 31 earlier it was December 31
GSTR 9 & 9C GST Annual Return & GST Audit Due date for FY19-20 extended to March 31
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 crores.
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 crores. The filing of reconciliation statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto ₹5 crores.
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.