Support to resource crunched MSMEs :Extension of FY21 GST annual return .
PrintListen to this Article
This Article mainly higlighting on relief to Covid-battered businesses on compliance front, the government on Wednesday extended till February 28 the deadline for them to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & 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," the Central Board of Indirect Taxes & Customs (CBIC) tweeted on Wednesday. Tax experts believe that the government's decision would offer some breathing space to resource crunched businesses, particularly MSMEs, that are yet to emerge out of the pandemic's widespread fallouts. Industry reports say Covid has brought havoc to the working capital cycles of a majority of MSMEs in the last two years. With various states now putting in place Omicron curbs, the MSME sector's working capital cycle is set to be severely hit again. “This extension would offload the work pressure on millions of MSME taxpayers and tax professionals, who were hard-pressed to meet several deadlines during the festivities. Now it is on MSME taxpayers to use this additional time judiciously and make good all the annual compliances without expecting any subsequent leeway," said Rajat Mohan, Senior Partner AMRG & Associates.Vikas Singh Chauhan, Director at MSME dominated Home textile Exporters Welfare Association (HEWA), believes the development would minimize the error chances, reduce the cost factor for MSMEs as they now get more time to reconcile the data before filing. "Any filing done in haste is not advisable for MSMEs. Every MSME exporter was busy till November on fulfilment of Xmas and new year orders. Now as most overseas buyers are taking time off for new year holidays, I think reconciliation of revenue revenue data for GST filing can be planned better, well in time, and systemically too," Chauhan said.
Notably, GSTR 9 is an annual return to be filed yearly 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.
Author:
CA. DR. Gaurav Bhambri
Category : GST | Comments : 5 | Hits : 5446
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the data that was actually submitted regarding ITC claims, tax payments, etc. This advisory was sent via registered emails to those taxpayers who are directly affected, and these taxpayers can also see the d...
The Hon’ble Orrisa High Court in the case of Akshya Kumar Sahu v. Commissioner, Central Goods and Service Tax & Central Excise [Writ Petition (Civil) No. 4644 of 2024 dated February 29, 2024] disposed of the writ petition where Mr. Akshya Kumar Sahu (“the Petitioner”) sought to file an application for revocation of cancellation of registration, but could not file Form GSTR-3B due to suspension of GSTIN. Hence, aggrieved by the circumstances, the...
As per Sec 44 read with rule 80 :- Every registered person whose aggregate turnover exceeds Rs 2 crore is required to file: - Annual Return GSTR 9 - Reconciliation Statement GSTR 9C (if turnover exceeds Rs 5 crore) - Audited financial Statement before 31st Dec 2023 Consequencies for not filing GSTR 9 - late fees Rs 100/ day (Max 0.02% of turnover) Notes: - In case of Multiple GSTIN ( if any GSTIN has nil turnover than als...
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking photograph of the applicant along with the verification of the origin...
Topic covers: 1.What is Debit Note and Credit Note? 2.Debit Note and Credit Note in GST Definition Reason to issue Debit note and Credit Note Time limit to issue 3.Reflection in GST return 4.Format of Debit note and credit note 5.Difference between debit note and credit note 6.FAQs After issuance of the original invoice, there could be changes like change in value, change in tax amount or rate, or any other similar change. It happens in the normal course of business, in this instan...
Comments
CA. Dr. Gaurav Bhambri
13-Jan-2022 , 04:24:59 amCA. Dr. Gaurav Bhambri
13-Jan-2022 , 04:25:00 amCA. Dr. Gaurav Bhambri
13-Jan-2022 , 04:25:06 amCA. Dr. Gaurav Bhambri
13-Jan-2022 , 04:25:06 amCA. Dr. Gaurav Bhambri
13-Jan-2022 , 04:25:12 am