“In view of the difficulties expressed by the taxpayers in meeting this time limit, government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to 31.03.2021 with the approval of Election Commission of India,” the Central Board of Indirect Taxes and Customs (CBIC) mentioned Sunday.
Experts termed the extension as a constructive step for business grappling with steady compliance necessities even because it stumbles to normalcy amid Covid 19 pandemic.
“This extension on the last day provides the much needed relief to the industry and would allow them to comply with the statutory obligation within the extended timeline,” mentioned Abhishek Jain, tax associate at EY.
The Union Budget FY22 has proposed to cast off requirement of furnishing the GSTR audit report within the type GSTR-9C
Industry had sought an extension of three months for filing annual GST return or GSTR 9 and reconciliation or audit statements, referred to as GSTR 9C types, for FY 20, ET had reported last week.
The extension till May 31 had been sought attributable to lack of time for business to conform for the reason that utility for filling returns was enabled in December last yr.
Industry executives mentioned that they’ve been working with restricted manpower even after lockdown restrictions have been lifted, whilst companies have been attempting to revive and strengthen operations. “Because of lesser time and manpower available for reconciliation and diligence, support in form of relaxation of timelines for compliances (is needed),” they mentioned within the illustration.
In the absence of an extension, taxpayers could fail to furnish the requisite types and will should bear hefty penalties which might be a further burden amid difficult instances for the pandemic-hit companies, the business had mentioned in a illustration to the Board.