Economy

GSTR-9 Due Date is Extended Yet Again: Here’s How to Prepare

Extension pe extension pe extension! That pretty much sums up the status of GSTR-9 filing. If you are running a business yourself or dealing with its taxes; GSTR-9 has likely become the bane of your existence.

What just happened?

The first-ever GST annual return is now due; a good long 20 months after the end of the FY to which it belongs. Take that! 

Return for FY 2017-18 is due on the 30th of November 2019. From the earlier due date of the 31st of August 2019, it has been extended by three months.

Also Read: Instructions to file GSTR-9C-Reconciliation Statement by GSTN

As a CA, what can I do?

Without a doubt, you have spent valuable man days, your own and your teams’, reconciling, looking at mismatches, understanding the complexities of your clients business. The reconciliation challenges may be unique to each of your customer and you are likely to be in the throes of it right now. 

We suggest some steps –

  • Fill in GSTR-9 without any more delays and bring closure to outstanding items, be ready to file!
  • The government may not push the deadline any further.
  • Document all your mismatches, your adjustments, your concerns – prepare a representation already. You never know how these GSTR-9 will get assessed or picked up later by department officials.
  • Claim ITC for your customers where eligible per the law – after all, ITC is all that matters.
  • Bill your clients for the work done. GSTR-9 has been a complex, new, and a daunting task. Raise your billing for it. If a clarification comes through, you’ll be ready to make final submissions immediately.
  • Understand how the new GST simplified return filing (ANX-1 and ANX-2) will impact you and your customers and prepare to move to the new mechanism soon.
  • Some have suggested GSTR-9 be scrapped – that seems like a ridiculous idea! You have spent so many hours on this, let it go through.

Why does this matter?

For your own revenues and of course for your sanity. You cannot keep holding on the GSTR-9, waiting for things to change. It is very unlikely that the government will change this return form radically.

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

9 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

9 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

9 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

9 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

9 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

9 months ago