The government has extended the deadline for filing the annual goods and services tax (GST) return for 2019-20 in two months after companies and tax consultants demanded a respite due to complexities in compliance and disruptions due to the Covid-19 pandemic. government officials said.
The deadline for submitting the annual GST return for the former tax was extended from December 31, 2020 to February 28, 2021 in light of the challenges taxpayers face in meeting statutory and regulatory compliance due to the pandemic, they said. , requesting anonymity. . On Wednesday, the government also extended the deadlines for filing personal income tax returns by 10 days and about a month and a half for audit cases.
Also read: Individual taxpayers have 10 more days to file tax returns
Mohan D, Director of Product Management at Tally Solutions, said: “The deadline for filing annual returns [GSTR 9 and 9C] It has been expanded a few times for various reasons, such as complexities in form and presentation. For GSTP [GST professionals] and businesses, the last year has been a confusing and complex period, trying to understand the intricate GSTR-9 form, while counting your monthly and quarterly returns filed with your books of accounts. “
The extension of the deadline will allow more time for businesses and tax professionals to overcome the challenges in filing returns, he said. He pointed out some of the challenges, such as the mismatch between the Supported Tax Credit (ITC) listed on the GSTR 2A, an auto-generated purchase-related tax return, and the auto-completed tax credit on the GSTR-9, which It has caused a lot of confusion and pain for both GST professionals and taxpayers.
“The GSTR-9 form requires the bifurcation of all tax credits for inputs obtained from inputs, input services and capital goods. This, in turn, requires a thorough and thorough analysis of a taxpayer’s books of accounts, in addition to verification by the auditor in question. Not all taxpayers would have kept a record of this fork, which would have caused undue stress to obtain this data now, to avoid reporting it incorrectly, “he added.
“HSN [Harmonized System of Nomenclature] Suppliers with a turnover of more than Rs 1.5 crore are required to disclose summary details on a mandatory basis. This requirement is for both internal and external supplies. This has caused unnecessary inconvenience to taxpayers who had not kept this data in the past and now they will need to spend a lot of extra time and effort to obtain and report these details, ”he said.
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