Vide  notification  No. 69/2020 –Central  Tax,dated30.09.2020,  the  due  date  for furnishing of the Annual return for the FY 2018-19 was extended till31.10.2020.

On recommendation of the GST Council, the due date for filing annual return FORM GSTR 9/GSTR 9A and Reconciliation Statement FORM GSTR 9C has been extended from 31.10.2020 to 31.12.2020, according to press release by CBIC.

It is also to be noted that filing of Annual Return (Form GSTR 9/GSTR 9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. Also filing of Reconciliation Statement In FORM GSTR 9C for FY 2018-19 is optional for the taxpayers having aggregate turnover upto Rs 5 crore.

Notification to give effect to this decision would follow.

Also Read : Income Tax Extension For FY 19-20

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Government has given a big relief by extending the due date of Income Tax Return and Audit Report for FY 19-20 VIDE Press Release dt 24.10.2020.

Vide notification on 24^th June 2020 govt has extended the due date for all Income Tax Returns for FY 19-20( AY 20-21) to 30.11.2020. Hence the due date of return which was required to file on 31.07.2020 and 31.10.2020 was required to file by 30.11.2020. Also the date of filing of tax audit report under Income Tax Act,1961 was also been extended to 31.10.2020

Now govt has given more time to furnish Income Tax Return as under:

1. The due date for furnishing of ITR for the taxpayers (including their partners) who are required to get their accounts audited has been extended to 31st January, 2021

2. The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021

3. The due date for furnishing of Income Tax Returns for the other taxpayers has been extended to 31st December, 2020.

4. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December,2020.

This is the big relief which is given by govt. The necessary notification in this regard shall be issued in due course.

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CBIC has issued various notifications on 05.05.2020.Due date for GSTR9 and GSTR9C for FY 2018-19 has been extended. 

Read Also : RBI relief measures 

Eway bill expiry has been extended till 31.05.2020.

Full Details here : 

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What is the Due Date for Filing Annual Return and Audit Report under GST???

Annual Return  – Section 44 of  CGST Act 2017

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year. 

 (2) Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed. 

When GST Audit is required??

      Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.  – Section 35(5) of CGST Act 2017. 

Prescribed Limit under GST for Audit

   Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner. Rule 80(3) CGST Rules 2017.  

Aggregate Turnover – Meaning

       “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but; excludes central tax, State tax, Union territory tax, integrated tax and cess.   

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Every registered person , other than a person registered under Section 10 (Composition Taxpayer) ,  whose aggregate turnover during a financial year exceeds Two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified by a Chartered Accountant or Cost Accountant , in FORM GSTR-9C along with the annual return in Form GSTR 9 electronically through the common portal either directly or through a Facilitation Center notified by the Commissioner.

For the FY 2017-18 due date to file GSTR9 and GSTR9C has been extended till 31.01.2020 by the GST Council in the recent meeting. For FY 2018-19 the due date is 31.03.2020.

Read Also GST COUNCIL Decisions

For the purpose of calculating aggregate turnover to determine the eligibility for GST Audit , period from July 2017 to March 2018 may be taken as per the GST Press Release. 

As per the Guidance note of ICAI , Turnover for the full year April 2017 to March 2018 shall be taken to avoid any kind of disputes later on. 

Read Also : Which books must be kept in GST?

Where to keep GST books ?

Every registered person in GST shall maintain and keep such books and records as per the provisions of GST Act at the principal place of business from where the business is usually carried on by him.

 Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business:Provided further that the registered person may keep and maintain such accounts and other particulars in electronic form in such manner as may be prescribed. 

• Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter, irrespective of whether he is a registered person or not, shall maintain records of the consignor, consignee and other relevant details of the goods in such manner as may be prescribed.

• The Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.

• Where the Commissioner considers that any class of taxable person is not in a position to keep and maintain accounts in accordance with the provisions of this section, he may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed.

Read Also : GST ITC FORMS IN GST PORTAL

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