CBIC extends due date for Filing GST Annual Return till Sept 30
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New Delhi, May 6: The Centre on Wednesday announced further relaxations for filing of Annual returns for Goods and Services Tax (GST) and movement of goods in the country. The Central Board of Indirect Taxes and Customs (CBIC) extended the time limit for furnishing of the annual return and GST audit for the financial year 2018-2019, till 30 September, 2020.
CBIC in its release also gave an extension till 31st May for all the e-way bills generated on or before the March 24th, whose validity were to expire between March 20th and April 15th. This relaxation will allow seamless movement of goods and supplies through road transport carriers ensuring availability of supplies across the county.
Notification No. 40/2020-Central Tax issued to extend the validity of e-way bills till 31.05.2020 for all those e-way bills which were generated on or before 24.03.2020 and had expiry between the period from 20.03.2020 to 15.04.2020.
— CBIC (@cbic_india) May 5, 2020
GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads ie CGST, SGST and IGST, and HSN codes. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.
The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.