The government has extended the deadline for businesses to file GST annual returns for 2020-21 fiscal till February 28. Earlier, the due date to file GSTR 9 & 9C for 2020-21 fiscal was December 31, 2021.
“The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022,” the Central Board of Indirect Taxes & Customs (CBIC) tweeted.
GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.
Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.
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Meanwhile, the 46th GST Council meet is scheduled for December 31 in Delhi. This meeting will be an extension to the pre-budget meeting with state finance ministers on December 30. The Council, in its last meeting in September, decided to change GST rates of woven fabrics of cotton, silk and wool, coir mats, matting and floor covering, apparel and clothing accessories of sale value upto ₹1,000 and footwear priced upto ₹1,000 a pair will be moved to 12% slab from from the current 5%.
