New Delhi, September 13
The Institute of Chartered Accountants of India (ICAI) has written to the GST Council in search of deferment of 2018-19 GST annual return submitting deadline by three months until December 31.
The final date for submitting annual return for 2018-19 fiscal for Goods and Services Tax (GST) registered taxpayer is September 30.
In its illustration to the GST Council, the ICAI mentioned majority of the places of work are working solely partially as a result of COVID-19 pandemic.
“We request… to provide appropriate relaxation to the registered persons and extend due dates of filing GST annual return and GST audit for the year 2018–19 by 3 months till December 31, 2020. This would provide needed relaxation to the trade, in combating the circumstances arising out of coronavirus,” the ICAI mentioned.
The authorities had in May prolonged the final date for submitting annual GST return for monetary yr 2018-19 by three months until September 2020.
EY Tax Partner Abhishek Jain mentioned COVID-19 has not solely dramatically affected the lives of individuals however has additionally introduced numerous companies to a standstill.
“Under current scenario, where the industries are struggling, the focus has shifted to keep the operations running vis-a-vis meeting compliance deadlines. As such, this move of the ICAI, filing a representation seeking extension in the due dates for GST annual return and audit report by 3 months, will be much appreciated by the industry” and if accepted by the federal government, it might present the requisite respiration house to companies, Jain added.
GSTR 9 is an annual return to be filed yearly by taxpayers registered underneath the Goods and Services Tax (GST). It consists of particulars relating to the outward and inward provides made or obtained underneath completely different tax heads.
GSTR-9C is a press release of reconciliation between GSTR-9 and the audited annual monetary assertion. PTI