Tax Informatics And Compliance Kendra

The Government has decided today to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to 31st December 2019 and for Financial Year 2018-19 to 31 st March 2020. The Government has also decided to simplify these forms by making various fields of these forms as optional.

Central Board of Indirect Taxes & Customs (CBIC) today notified the amendments regarding the simplification of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) which inter-alia allow the taxpayers to not to provide split of input tax credit availed on inputs, input services and capital goods and to not to provide HSN level information of outputs or inputs, etc. for the financial year 2017-18 and 2018-19.

CBIC expects that with these changes and the extension of deadlines, all the GST taxpayers would be able to file their Annual Returns along with Reconciliation Statement for the financial years 2017-18 and 2018-19 in time. Various representations regarding challenges faced by taxpayers in filing of GSTR-9 and GSTR-9C were received on which by the Government has acted in a very responsive manner.

It may be noted that earlier the last date for filing of GSTR-9 and GSTR-9C for Financial Year 2017-18 was 30 th November 2019 while that for Financial Year 2018-19 was 31st December 2019. Notifications implementing the decisions as above have been issued today.

Time to say good bye to the old returns and move to the next phase of GST filing with complete new set of returns . TIme to close the account for 2017-18 and annual return .In the proposed system of new GST Return filing, a normal taxpayer would have to file Form GST RET-1 (Normal) or GST RET-2 (Sahaj) or GST RET-3 (Sugam) on either monthly or quarterly basis. Annexure of outward supplies (GST ANX-1) and (GST ANX-2) Annexure of Inward Supplies will be filed as part of these returns.A New Return Prototype functionality has been enabled on the GST common portal.

For October and November, 2019, large taxpayers would continue to file FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the month of December, 2019 by 20th January, 2020. The small taxpayers would stop filing FORM GSTR-3B and would start filing FORM GST PMT-08 from October, 2019 onwards. They would file their first FORM GST-RET-01 for the quarter October, 2019 to December, 2019 from 20th January, 2020. From January, 2020 onwards, all taxpayers shall be filing FORM GST RET-01 and FORM GSTR-3B shall be completely phased out .

Govt gives a long rope to the filing defaulter . For GSTR-1 and 3B from July 2017 to September 2018 and for quarter July 2017 to September 2018 due date is 31-3-2019 . Accordingly all late fees are waived . ITC in respect of the invoices issued during 2017-18 may be availed till the due date of GSTR 3B for the month of March 2019 .

Golden opportunity for defaulters . High time to file all your pending GST Returns .

Other updates ;-

The due date for filing of GST Annual Return (GSTR-9) and Reconciliation statement ( GSTR-9C) after GST Audit to be extended till 30th June 2019.
GSTR-8 to be filed by e-commerce operators for the period 1st October 2018 to 31st December 2018 will be extended to 31st January 2019.
Filing of ITC-04 for the months July 2017 to December 2018 to be extended to 31st March 2019.

Dear Taxpayer,

It is to inform you that, late fee payable on filing of Form GSTR 1, Form GSTR 3B & Form GSTR 4, pertaining to the tax period from July 2017 to September 2018, if filed between the period 22ndDecember 2018 till 31st March 2019, has been completely waived off.

Thus, now no late fee will be charged from taxpayers in respect of their filing of Form GSTR 1, Form GSTR 3B or Form GSTR 4, pertaining to period July 2017 to September 2018, if filed between the period from 22nd December 2018 till 31st March, 2019. However there is no waiver of late fee for the tax period from October 2018 onward.

You are therefore advised to file your Form GSTR 1, Form GSTR 3B or Form GSTR 4 on GST portal, for the above period, if not filed so far.

Please refer to Notification No. 75/2018 , 76/ 2018 & 77/2018 -Central Tax all dated 31/12/2018, issued by Central Board of Indirect Taxes and Customs, in this context.

f you have already filed Form GSTR 1, Form GSTR 3B or Form GSTR 4 for this period, please ignore this mail. Do remember you can’t file latest GST Forms until you filled pending ones.

This is for your information please.

Time has come to for Annual return which has to be filed by every registered person under GST.Annual return is required to be filed on or before December 31, 2018. For instance for the financial year 2017-18 (transactions undertaken during July 17 to Mach 18), the last date for filing is December 31, 2018 .Annual return is to be filed once a year in Form GSTR-9. Final return is required to be filed by the persons whose registration has been cancelled or surrendered in Form GSTR-10.

Multiple Annual Returns Under GST:

1.GSTR 9 - For regular taxpayer filing GSTR-1

2.GSTR 9A- For composition scheme taxpayers

3.GSTR 9B - For e-commerce businesses who have filed GSTR 8

4.GSTR 9C - For those having annual turnover cross Rs. 2 crores must have to file audit form of GSTR

Taxpayers whose registration has been cancelled by the proper officer on or before September 30, 2018, shall be required to furnish the final return in Form GSTR-10 till December 31, 2018.

Due date of TRAN-1 and TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch, to 31st March 2019 and 30th April 2019 respectively.

Read the detailed budget analysis of The Proposed Finance Act 2018 at:-

Time wise Budget analysis.pdf

Govt has provided some relief to the TRANSPORTERS by deferring the mandatory implementation of the E-way bill. However it is advisable to start supplying through the E-way bill because the time period of deferment is expected to be meager.
Also there are some hitches in the procedure of issuing E-way bill which needs to be addressed.
For more details visit our executives and managers at Tax Informatics & Compliance Kendra.
Contact: 9163303811

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Date of Filling of GSTR-1 extended

Latest press release by CBEC

GSTR1 DATE EXTENDED:-

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said.

Businesses with turnover of up to Rs 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017 earlier. For businesses with turnover of more than Rs 1.5 crore GSTR-1 has to be filed for the period July-November by January 10.

Earlier these businesses were required to file GSTR-1 return for July-October by December 31 and that for November by January 10. For the month of December, GSTR-1 is to be filed by February 10 and for subsequent months, it would be 10th day of the succeeding month.