“GSTR-9C, a reconciliation statement and GSTR-9, an annual return form, for the financial year 2017-18, can be filed on or before December 31, 2019, and GSTR-9C and GSTR-9 for the financial year 2018-19 have to be filed till March 31, 2020” announced by the Central Board of Indirect Taxes and Customs on Thursday.
Yes, that is a great relief for all taxpayers.
The Government of India has extended the time limit for filing GSTR-9 and GSTR-9C so that all taxpayers can file their returns without any hassle. Before, the last date for filing GSTR-9 and GSTR-9C for the financial year 2018-19 was December 31, 2019, while that for the financial year 2017-18 was November 30, 2019. Notifications regarding the GSTRs extension of the dates have been issued officially.
The CBIC in the revenue department has also informed the amendments concerning the reconciliation statement forms and the simplification of the annual returns. The reconciliation statements permit taxpayers to not come up with a split of input tax credits employed on input services, inputs and capital goods for 2017-18 and 2018-19.
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The forms GSTR-9 and GSTR-9C of indirect tax regulator has also simplified by altering various fields in the form as optional. CBIC have stated that various representations considering the difficulties faced by taxpayers in filing of GSTR-9 and GSTR-9C were received and the Government has acted in a very responsive manner and simplified it.
The tax body stated, “CBIC today notified the amendments regarding the simplification of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) which allow the taxpayers to not to provide a split of input tax credit availed on inputs, input services and capital goods and to not provide HSN level information of outputs or inputs, etc. for the financial year 2017-18 and 2018-19,”
With these changes and the extension of the time limit, CBIC expects all the GST taxpayers will be able to file their Reconciliation of the Statement and their Annual Returns for the financial years 2017-18 and 2018-19 within the time limit without facing any of the difficulties.
The government clarified early this week that it is the taxpayer’s responsibility to ensure that they do not file more than 20 per cent of the eligible ITC or input tax credit with respect to the supplier’s invoices. Any claims which are not done within the limited time may result in a penalty.
