Govt extends due date for submitting FY20 GST annual returns until March 31

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The authorities on Sunday prolonged the deadline for submitting GST annual returns for 2019-20 fiscal by a month until March 31. This is the second extension given by the federal government. The deadline was earlier prolonged from December 31, 2020, to February 28.
“In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with the approval of Election Commission of India,” the Finance Ministry stated in an announcement.
GSTR 9 is an annual return to be filed yearly by taxpayers registered below the Goods and Services Tax (GST). It consists of particulars relating to the outward and inward provides made or obtained below completely different tax heads.

GSTR-9C is an announcement of reconciliation between GSTR-9 and the audited annual monetary assertion.
On the extension, AMRG & Associates Senior Partner Rajat Mohan stated, “Even though it is a relatively small extension of 31 days but is sufficient for the tax professionals to complete the requisite filings”.
EY Tax Partner Abhishek Jain stated most business gamers had been struggling to fulfill this statutory deadline and had represented to the federal government for an extension.
Furnishing of the annual return is obligatory just for taxpayers with mixture annual turnover above Rs 2 crore whereas reconciliation assertion is to be furnished solely by the registered individuals having mixture turnover above Rs 5 crore.
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