New Delhi: The government has extended the deadline for businesses to file Goods and Services Tax (GST) annual returns for the financial year 2020-21.
The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for two more months from December 31 to February 28.
CBIC tweeted, “The due date for submission of Annual Return in Form GSTR-9 and self-attested reconciliation details in Form GSTR-9C for the FY 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No. 40/2021-Central Tax dated 29.12.2021 has been issued to this effect.
The due date for submission of annual return in Form GSTR-9 and self-attested reconciliation details 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 has been issued to this effect. pic.twitter.com/0USdsoIMET
— CBIC (@cbic_india) December 29, 2021
GSTR 9 is an annual return filed annually by the registered taxpayers under GST. It contains details about outward and inward supplies made or received under various tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.
Furnishing of annual return is mandatory only for taxpayers with aggregate annual turnover of more than Rs 2 crore, whereas a reconciliation statement is to be furnished only by registered persons with aggregate turnover of more than Rs 5 crore.
Meanwhile, 46th The Goods and Services Tax (GST) Council will meet on Friday. This meeting is an extension of the pre-budget meeting of the state finance ministers. Union Finance Minister Nirmala Sitharaman will chair the meeting.
This will be a physical meeting in which rate rationalization of certain items will be discussed. The Group of Ministers (GoM) on rate rationalization will submit a report to the Council. The panel has reviewed items under an inverted fee structure to help reduce refund payments.
Read also | GST Council meeting on December 31, members to discuss rate rationalization
,