If you’re a GST registered businessman struggling with Dec 31st deadline, given the amount of work involved, there is a good news you want to hear.
As can be seen, the last date for filing Annual return GSTR-9 was set at December 31, 2018. Days before the final deadline of December 31, 2018 to file GST Annual Return, the government has announced an extension by three months till March 31, 2019*
[*Latest Update as on 8th December 2018]
Furthermore, you’re allowed to upload the invoices/debit notes/credit notes missed in the GSTR-1 of the financial year 2017-18 and claim the unclaimed ITC of the financial year 2017-18. If it happens then reconciliation of annual returns will be very easy.
Clearly, it is a pain relieving news, isn’t it?
Possible Reasons for extending the last date for filing GSTR-9
The Government decision to extend the due date for FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C to 31st March, 2019 may be based on many reasons.
There are suspects that it may be due to the errors found in the utility provided for the annual return. Well, relieving taxpayers from tight deadlines may have been the deciding factor too. For whatever reason this decision is made, taxpayers are lucky!
If you’ve already started preparing GST Annual Returns, you know that filling GSTR-9 is no joke. Data in your monthly returns have to be looked through thoroughly to fill in the details in your Annual Return. The form must include the details pertaining to the transactions made during a particular previous year under the different tax heads, namely CGST, SGST, IGST and blah blah, the rules goes on. This way, the form consolidates the information furnished in the monthly/quarterly returns during the year. Also, additional info needs to be worked out which would be really time-consuming.
But now, you have what it takes, TIME!!!
Late Filing attracts penalty
Delayed or non-filing of GSTR-9 returns would result in a penalty of Rs. 200 (100 each for SGST and CGST) for each day of default. The penal charges will continue until the taxpayer makes the remittance, though he total charges wouldn’t exceed Rs. 5,000.
You don’t want to lose money this way. Do you?
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