Taxpayers were supposed to file their annual GST returns by 31 August 2019. However, the due date for filing the annual GST returns has now been extended by three months to 30 November 2019. The Finance Ministry announced the due date extension on Monday (26 August 2019). The due date was extended since several taxpayers faced technical issues while filing their returns.
The Central Board of Indirect Taxes & Customs (CBIC) mentioned in a statement that for the financial year 2017-18, the due date for furnishing the annual return in the Form GSTR-9/Form GSTR-9A and the reconciliation Statement in Form GSTR-9C has now been extended from 31 August 2019 to 30 November 2019.
GST-registered taxpayers need to file the annual return (GSTR-9) on a yearly basis. This return will comprise information related to both inward and outward supplies initiated or obtained under various tax heads.
Taxpayers who have chosen the Composition Scheme under GST will need to file the GSTR-9A. Taxpayers whose yearly turnover is more than Rs 2 crore will need to file GSTR-9C, which is a reconciliation statement between the audited annual financial statement and GSTR-9.
Financial experts are of the opinion that businesses were actually waiting for this extension from the past few days. Businesses faced technological issues, vagueness in the reporting, and were also burdened with other filing deadlines. Therefore, this extension will help in providing businesses with much-needed relief since they get more time to file their annual returns.