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Sakshi Srivastava
| Updated: 09 Sep, 2020 | Category: Goods and Service Tax, Latest News

CBIC: Extension of deadline for GST Return Filing FY 2019-20

Extension of deadline for GST Return Filing FY 2019-20

The extension of deadline for GST Return Filing for the FY 2019-20 till 31st October 2020 has been passed by the CBIC. All the taxpayers covered under the composition scheme can now file the annual GST returns under GSTR 4 due date, for the FY 2019-20, by 31st August 2020. This date has been extended by the CBIC from 31st August to 31st October. 

Any taxpayer having an annual turnover of less than INR 1.5 Crore can choose the composition scheme under the GST rule. All the traders and manufacturers under this scheme must pay 1% GST while others who don’t fall under the composition scheme must pay 5% for the restaurants (not for alcohol).

Read our article:GST Portal Rolled out New Offline Tool for filing GSTR 4 Annual Return Form

What is GSTR-4 Form?

Form GSTR-4 is an annual return to be filed once for every FY by the taxpayers who have selected for composition scheme during the said FY. In Composition scheme for any time period during the FY, from 1st April, 2019 taxpayers must provide details concerning summary of outward supplies, Inward supplies, import of services and supplies that attract reverse charge in this form.

Who needs to file GST Annual Return?

All the registered taxpayers who have opted the composition scheme under GST need to file Annual Return by filing Form GSTR-4.

  • Taxpayers who have opted for composition scheme since registration and have never opted out afterwards;
  • Taxpayers who have opted for composition scheme before starting of the financial year;
  • Taxpayers who have opted for composition but afterwards opted out any time during the FY.
file GST Annual Return

Illustration of the CBIC Notification

GSTR-4 is a return that should be filed by the taxpayers opting for Composition Scheme on a yearly basis. Until the FY 2018-19, the return was filed every quarter which was replaced by CMP-08. Unlike a normal taxpayer who needs to provide monthly returns in 3 months, any dealer selecting  the composition scheme is required to provide return only once which is GSTR 4 in a year by 30th of April in a financial year.

The original deadline for filing GST return was July 15, which was earlier extended till August 31. In a latest tweet by CBIC, based on the Extension of deadline for GST Return Filing, the Last date for GSTR 4 for FY 2019-20 has been extended till 31st October 2020.

Conclusion

All the taxpayers covered under the composition scheme can now file the annual GST returns under GSTR 4 due date, for the FY 2019-20, by 31st August 2020. The Extension of the deadline for GST Return Filing by the CBIC was passed recently. GSTR-4 is a return that should be filed by the taxpayers[1] opting for Composition Scheme on a yearly basis. Awaiting FY 2018-19, the GST Return was filed every quarter which was replaced by CMP-08.

Read our article:GST Return Filing Procedure – Types of GST Returns, Due Date and Penalty

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Sakshi Srivastava

Sakshi has pursued B.B.A.LL.B.(IPR Hons.). She is an avid reader and is keen to gather and share her knowledge on the subjects relating to IPR, Company Law and GST. Priorly she has worked as a legal researcher and vide her articles she aims at improving the core knowledge of the subjects to the masses.

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