{"id":25133,"date":"2021-01-29T12:39:15","date_gmt":"2021-01-29T07:09:15","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=25133"},"modified":"2021-01-29T12:39:18","modified_gmt":"2021-01-29T07:09:18","slug":"last-date-for-filing-annual-gst-return-for-fy-2020-extended-to-march-31","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/last-date-for-filing-annual-gst-return-for-fy-2020-extended-to-march-31\/","title":{"rendered":"Last Date for Filing Annual GST Return for FY 2020 Extended To March 31"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Ministry of Finance has extended the date for filing annual GST return for the financial year 2020 to March 31, 2021. Previously, the due date for<a href=\"https:\/\/corpbiz.io\/gst-return-filing\"><strong> filing GST return<\/strong><\/a> was Dec 31.<\/p>\n\n\n\n<p>There are primarily two forms of annual GST return that\nexist under the GST regime &#8211; GSTR9 and GSTR 9C. GSTR-9 has been mandated by the\ngovernment for the taxpayers regardless of their turnover.&nbsp;Meanwhile, GSTR 9C refers to a reconciliation statement\nthat is supposed to the filed by those taxpayers whose turnover surpasses Rs 2\ncrore.<\/p>\n\n\n\n<p>It\u2019s worth noting\nthat the filing (FORM GSTR-9\/ GSTR-9A) for the Financial year 2018-19 is\nsubjected to those taxpayers who had turnover well below Rs 2 crore. The\nreconciliation filing in Form 9C for FY 2018-19 is optional for the individuals\nwhose yearly revenue up to Rs 5crore.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/last-date-for-filing-annual-gst-return-for-fy-2020-extended-to-march-31\/#What_will_be_the_Penalty_for_Late_Filing\" >What will be the Penalty for Late Filing?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/last-date-for-filing-annual-gst-return-for-fy-2020-extended-to-march-31\/#What_are_the_Details_Required_to_be_filled_in_the_GSTR-9\" >What are the Details Required to be filled in the GSTR-9?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/last-date-for-filing-annual-gst-return-for-fy-2020-extended-to-march-31\/#What_are_the_Contents_of_Form_GSTR-9C\" >What are the Contents of Form GSTR-9C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/last-date-for-filing-annual-gst-return-for-fy-2020-extended-to-march-31\/#Conclusion\" >Conclusion&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_will_be_the_Penalty_for_Late_Filing\"><\/span>What will be the Penalty for Late Filing?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Failing to file\nthe Annual GST Return in form GSTR9 within the prescribed time limit shall lead\nto a penalty of Rs 100\/day as per the existing GST Act. That means in case of\ndelay filing, the taxpayer shall be subjected to pay \u20b9100 under CGST &amp; \u20b9100\nunder SGST separately which bring the total amount to Rs 200\/day.&nbsp;<\/p>\n\n\n\n<p>This is subject\nto a max of 0.25% of the turnover of the taxpayer in the relevant state or\nunion territory. Currently, there is no provision for a late fee under IGST\nyet. GSTR 9 is an annual GST return to be filed yearly by taxpayers registered.\nThere are important points you should keep in mind, which are as follows:-<\/p>\n\n\n\n<ul><li>It encloses information related to the outward &amp; inward supplies made\/obtained during the given financial year subject to different tax heads such as CGST, SGST &amp; IGST &amp; HSN codes.<\/li><li>GSTR technically encompasses all the monthly\/quarterly returns filed in that year. Despite the complex filing procedure, this return comes in handy in the extensive reconciliation of data for transparent disclosures.&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/cbic-extension-of-deadline-for-gst-return-filing-fy-2019-20\/\">CBIC: Extension of deadline for GST Return Filing FY 2019-20<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Details_Required_to_be_filled_in_the_GSTR-9\"><\/span>What are the Details Required to be filled in the GSTR-9?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Given the\nexisting act, GSTR-9 is bifurcated into 6 parts &amp; 19 sections. Each part\nseeks information that accessible from the previously filed returns &amp; books\nof account. This form largely seeks for disclosure of yearly sales, dividing it\nbetween the cases that are exposed to tax and not expose to tax.<\/p>\n\n\n\n<p>From the purchase\nviewpoint, ITC availed concerning the annual value of inward supplies is\nrequired to be disclosed by the taxpayer in the GSTR-9 form. These purchase\nneeds to be bifurcated accordingly in term of inputs, input services, &amp;\ncapital goods. Detail of ITC seeking to reverse owing to ineligibility is to be\nentered.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Contents_of_Form_GSTR-9C\"><\/span>What are the Contents of Form GSTR-9C?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>GSTR-9C entails two major parts, which are as follows:-<\/strong><\/em><\/p>\n\n\n\n<ul><li><strong>Part-A: Reconciliation\nStatement<\/strong><\/li><li><strong>Part-B: Certification<\/strong><strong><\/strong><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Part-A: Reconciliation Statement<\/h3>\n\n\n\n<p>The figures in the <strong><em>financial statements<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Financial_statement\"><strong><em>[1]<\/em><\/strong><\/a><\/sup> (audited ones) are at the PAN level. Henceforth, the Tax levied, turnover, &amp; ITC availed on the specific GSTIN must be taken from the audited account of the company as a whole.&nbsp;<\/p>\n\n\n\n<p><strong>In the\nview of Notification No: 56\/2019 rolled on the 14th Nov 2019 for FY 2017-18\n&amp; 2018-19<\/strong><\/p>\n\n\n\n<ul><li>Turnover\nadjustment detail to be made in tables 5B to 5N has been pronounced optional\nand adjustments, if any, which are subjected to reporting in Table 5O by the taxpayers.&nbsp;<\/li><li>A taxpayer has\nthe access to the option for non-filing of ITC reconciliation in tables 12B,\n12C &amp; 14.<\/li><\/ul>\n\n\n\n<p><strong><em>The Reconciliation Statement is bifurcated into five parts, which are as follows:-<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-are-the-Contents-of-Form-GSTR-9C.png\" alt=\"The Reconciliation Statement is bifurcated into five parts\" class=\"wp-image-25148\" width=\"566\" height=\"167\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-are-the-Contents-of-Form-GSTR-9C.png 985w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-are-the-Contents-of-Form-GSTR-9C-300x89.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-are-the-Contents-of-Form-GSTR-9C-768x227.png 768w\" sizes=\"(max-width: 566px) 100vw, 566px\" \/><\/figure><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Part-I: Basic details<\/strong><\/h4>\n\n\n\n<p>This part\nconsolidates legal name, GSTIN, &amp; trade name. The taxpayers should also\nenclose if he\/she is liable to address audit related compliances under any\nother law.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Part-II:&nbsp;Reconciliation of Turnover disclosed in the annual financial statement with turnover revealed in Annual GST return (GSTR-9)<\/h4>\n\n\n\n<p>This consolidates\nreporting taxable, as well as gross turnover, disclosed in the Annual return\nalong with the audited financial statements. It\u2019s worth noting that the Audited\nFinancial statements are subjected to the PAN level. This may require the\nbifurcation of the audited financial statements at the GSTIN level for the\nreporting purpose in GSTR-9C<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">&nbsp;Part-III: Reconciliation of Tax Paid<\/h4>\n\n\n\n<p>This section\nencloses reporting of GST rate-wise tax liability following the accounts and\npaid as disclosed in GSTR-9 correspondingly with the difference thereof.\nMoreover, it needs the taxpayers to mention the additional liability owing to\nunreconciled differences noticed upon reconciliation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">&nbsp;Part-IV: Reconciliation of Input Tax Credit (ITC)<\/h4>\n\n\n\n<p>&nbsp;This part\ncomprises detail related to the reconciliation of input tax credit availed\n&amp; used by the taxpayer as disclosed in GSTR-9 &amp; mentioned in the\naudited financial statement. Further, it seeks a reporting of expenditures\nbooked following the audited account, with the break-up of eligible &amp;\nineligible income tax return &amp; reconciliation of eligible ITC claimed as\nper GSTR-9. This declaration will come into existence after taking the reconciliation\ninto account if any.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Part-V:&nbsp;Recommendation\nof an auditor on the additional liability owing to the&nbsp;non-reconciliation<\/h4>\n\n\n\n<p>Here, the auditor\nmust disclose the tax liability detected via reconciliation exercise &amp; GST\naudit, pending payment by the taxpayer. This can be deemed as to be\nnon-reconciliation of turnover or ITC on basis of:-<\/p>\n\n\n\n<ul><li><strong>Amount paid against the\npurchase of supply not disclosed in the Annual returns (GSTR-9)<\/strong><strong><\/strong><\/li><li><strong>Invalid refund to be paid\nback.&nbsp;<\/strong><strong><\/strong><\/li><li><strong>Outstanding amount to be\naddressed.<\/strong><strong><\/strong><\/li><\/ul>\n\n\n\n<p>Further, an\nadditional option shall be given to the taxpayers to reconcile taxes as\npreferred by the auditor at the bottom of the reconciliation statement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Part-B: Certification<\/h3>\n\n\n\n<p>The GSTR-9C can\nbe approved by the same individual who undertook the GST audit or it can be certified\nby the other person who did not undertake the GST audit for that specific\nGSTIN. The difference between the both is that the former one has to draw the\nopinion on the books of accounts audited by another CA in the statement of\nreconciliation. The format related to the Part-B for certification report will\ndiffer based on the type of the certifier.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The introduction of the GSTR-9 and GSTR-9C has simplified the filing of the annual return for the taxpayers. Depending on the criteria mention above, the taxpayer is required to fill the relevant form with valid information. Drop your query to connect with <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> associates and avail professional-grade advice on the matter related to annual GST return.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/online-gst-return-filing-procedure-types-due-date-and-penalty\/\">GST Return Filing Procedure \u2013 Types of GST Returns, Due Date and Penalty <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ministry of Finance has extended the date for filing annual GST return for the financial year 2020 to March 31, 2021. Previously, the due date for filing GST return was Dec 31. There are primarily two forms of annual GST return that exist under the GST regime &#8211; GSTR9 and GSTR 9C. GSTR-9 has been [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":25147,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[1481],"acf":{"service_id":"104"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":3237,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/25133"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=25133"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/25133\/revisions"}],"predecessor-version":[{"id":25150,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/25133\/revisions\/25150"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/25147"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=25133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=25133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=25133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}