Deadline To File GST Returns Extended Till February 28

The Central Board of Indirect Taxes and Customs has extended the deadline for two more months

New Delhi: The government has extended the deadline for businesses to file the goods and services tax (GST) annual returns for the FY20-21.

The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for two more months from December 31 to February 28.

The CBIC tweeted, “The due date for furnishing annual return in form GSTR-9 and self-certified reconciliation statement in form GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No. 40/2021-Central Tax dated 29.12.2021 to this effect has been issued.”

GSTR 9 is an annual return to be filed yearly by taxpayers registered under the GST. It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.

Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore, while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.

Meanwhile, the 46^th Goods and Services Tax (GST) Council will meeting will be held on Friday. The meeting is an extension of the pre-Budget meeting state finance ministers. Union Finance Minister Nirmala Sitharaman will the chair the meet.

This will be a physical meeting that will discuss rate rationalisation of certain goods. The Group of Ministers s (GoM) on rate rationalisation will submit report to the Council. The panel has reviewed items under an inverted duty structure to help minimise refund payout.