GSTR 9 and 9C Due Date Extended for FY 2019-20
The due date for furnishing Annual GST Returns (GSTR 9 and 9C Form) for the financial year (FY) 2019-20 is delayed by the CBIC to 28th February 2021 based on challenges faced by the companies due to COVID-19. Before this, the due date for filing Annual GST Return (GSTR-9 and GSTR-9C) was 31st December.
What are GSTR-9 and GSTR-9C?
GSTR-9 is an Annual GST Return that needs to be filed by taxpayers registered under GST every year. GSTR-9 contains details regarding the sales and purchases made or received under various tax heads.
Whereas, GSTR-9C is a type of audit cum reconciliation statement that needs to be carried out between GSTR-9 and the audited annual financial statement.
Furnishing of the Annual GST return is compulsory only for taxpayers whose aggregate annual turnover is above INR 2 Crores, while the reconciliation statement (GSTR-9C) is to be furnished only by the registered persons whose aggregate turnover is above INR 5 Crores.
Reasons Behind Extension of GSTR-9 and GSTR-9C Due-Date?
The due date to file Annual GST Return (GSTR-9 and GSTR-9C) has been extended a few times for various purposes. Such as;
- Complexities in the structure and documents. For GSTPs [GST professionals] and organizations to gain proficiency with the complex GSTR-9 structure, while furnishing their monthly and quarterly filed returns with the help of books of accounts.
- Impact on businesses due to COVID -19 lockdown and restrictions.
Note: Along with extending the due date of GSTR-9 and GSTR-9C, CBIC has made multiple columns and files optional in GSTR-9 and GSTR-9C forms to make the filling easy.
How this New GSTR-9 and GSTR-9C due-date will Impact Businesses and Taxpayers?
The business and taxpayers will have more opportunities to tackle the teething problem faced in furnishing GSTR-9 and GSTR-9C. Some of the problems faced by the businesses and taxpayers are:
- Input Tax Credit (ITC) mismatch in the GSTR 2A and tax credit auto-filled in GSTR-9.
- Bifurcation of each Input Tax Credit (ITC) claimed from inputs, input services, and capital goods.
- Input Tax Credit (ITC) availed, but not reflecting in GSTR-2A.
- Disclosure of liability under reverse charge mechanism (RCM) in GSTR-9.
- Declaration of HSN summary for inward and outward supplies.
- DRC-03 not reflecting on the GST portal.
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