The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for businesses to file annual Goods and Services Tax (GST) returns for the fiscal 2020-21. The CBIC has extended this deadline from December 31 to February 28.
“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,” the CBIC tweeted.
For the unversed, GSTR-9 is an annual return filed by taxpayers registered under the Goods and Services Tax (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.
Filing and furnishing annual GST returns is mandatory for businesses having aggregate annual turnover above Rs 2 crore whereas the reconciliation statement is to furnished only by the registered persons having aggregate turnover over Rs 5 crore.
Meanwhile, the 46th GST Council meeting will be held on December 31 in Delhi. This meeting will be an extension to the pre-budget meeting with state finance ministers on December 30. The Group of Ministers (GoM) on rate rationalization will submit report to the Council. The panel has reviewed items under an inverted duty structure to help minimise refund payout.
(With agency inputs)
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today