The Deadline for Filing GST Returns
In the world of taxation, adhering to deadlines is of utmost importance. Businesses and individuals must file various tax returns to ensure compliance with the law and avoid penalties. In the case of the Goods and Services Tax (GST), timely filing of returns is crucial for maintaining a seamless flow of tax information and enabling the government to assess and collect taxes efficiently. Understanding the significance of filing GST returns within the stipulated time, the authorities have extended the deadline for filing GST returns. This article explores the implications of this extension and provides essential information on filing GST returns.
Latest News on GST Returns Due Date Extensions 2023
Update as of 31st March 2023
On 31st March 2023, the Central Board of Indirect Taxes and Customs (CBIC) issued important notifications related to the Central Goods and Services Tax (CGST). Here are the key updates:
- Filing of GSTR-4 for Previous Periods: Taxpayers who have not filed GSTR-4 for July 2017 to March 2019 or for the financial years 2017-18 to 2021-22 can now file their returns between 1st April 2023 and 30th June 2023. The late fee for such filings is concessional and waived if it exceeds Rs. 250 per return. In the case of nil returns, no late fee will be applicable.
- Withdrawal of Assessment: If a taxpayer who has not filed GST returns submits the returns on or before 30th June 2023, along with applicable interest and late fees, any assessment order issued on or before 28th February 2023 will be withdrawn. This applies irrespective of any appeal filed against the assessment order.
- Concessional Late Fee for GSTR-9: Starting from the financial year 2022-23 onwards, taxpayers who delay filing GSTR-9 will be subject to a concessional late fee. The late fee structure is as follows:
- For taxpayers with a turnover of Rs. 5 crores, a late fee of Rs. 25 per day will be applicable, subject to a maximum cap of 0.02% of turnover.
- For taxpayers with a turnover over Rs. 5 crores to 20 crores, a late fee of Rs. 50 per day will be applicable, subject to a maximum cap of 0.02% of turnover.
- Concessional Late Fee for GSTR-10: Taxpayers who have not yet filed GSTR-10 but will file it between 1st April 2023 and 30th June 2023 will be eligible for a concessional late fee. The late fee waived will exceed Rs. 500 per return.
Background on GST Returns
Before delving into the extended deadline, it is essential to have a basic understanding of GST returns. GST, introduced in India in July 2017, is a comprehensive indirect tax levied on the supply of goods and services. It replaced multiple indirect taxes and aimed to simplify the tax structure, promote transparency, and boost economic growth. Under the GST regime, registered taxpayers must periodically furnish details of their sales, purchases, and tax payments by filing GST returns.
The Importance of Filing GST Returns
GST return filing serves various purposes and plays a vital role in the functioning of the GST system. Firstly, it facilitates the reconciliation of input tax credits, ensuring that the taxes paid on purchases accurately match the taxes collected on sales. This process helps in preventing the cascading effect of taxes and ensures fair taxation. Additionally, filing GST returns enables the government to monitor compliance, detect tax evasion, and conduct audits effectively. It also provides a transparent mechanism for businesses to showcase their tax liabilities and claim refunds if applicable.
The deadline for filing GST returns has been extended to 28th February 2021
To provide relief to taxpayers amidst the challenges posed by the COVID-19 pandemic and considering the difficulties faced in meeting the original deadline, the government has extended the deadline for filing GST returns. The new deadline, set on 31st December 2020, has been extended to 28th February 2021. This extension allows businesses and individuals to gather necessary information, reconcile their accounts, and fulfil their tax obligations within the revised timeline.
The GST returns should be filed by individuals registered under GST every month if their annual aggregate turnover exceeds Rs 1.5 crore during the financial year, and it can be filed in forms GSTR-1 and GSTR-3B. And the rest of the taxpayers can go for a quarterly GSTR-1 filing while filing GSTR-3B monthly until December 2020.
From the quarter of 1st January 2021, the taxpayers whose annual turnover exceeds Rs.5 crore may choose the QRMP scheme through which they can file both GSTR-3B and GSTR-1 once in a quarter while continue making monthly calculated tax payments.
Till FY 2018-19, an individual registered under the composition scheme has to file form GTSR-4 – a quarterly return and form GSTR-9A – an annual return. An individual registered under the composition scheme must file a new version of GSTR-4 annually and pay tax once a quarter in form CMP-08, giving basic details by 30th April for FY 2019-20 onwards.
Under GST, Special transactions have been determined with specific GST returns such as GSTR-8, GSTR-7, GSTR-6, GSTR-5A, and GSTR-5.
Key Changes and Implications
The extended deadline for filing GST returns brings about several changes and implications. Firstly, it offers taxpayers additional time to compile their financial records, calculate tax liabilities, and reconcile their accounts accurately. This extension helps in reducing the chances of errors and enables taxpayers to file their returns without haste. Furthermore, it relieves businesses that may have faced operational disruptions or delays in receiving essential documents due to the prevailing circumstances. The extended deadline promotes compliance and ensures taxpayers have adequate time to fulfil their GST obligations.
Latest Information on GST Returns Due Date Extensions
The following section provides updates on the latest notifications and news for due date extensions on various GST returns and filings:
Update as of 5th July 2022
On 5th July 2022, the following decisions were taken and notified after the 47th GST Council meeting:
- Waiver of Late Fee for GSTR-4 FY 2021-22: The late fee for filing GSTR-4 for the financial year 2021-22 has been waived off if filed on or before 28th July 2022. This provides relief to taxpayers who were facing the earlier deadline extension up to 30th June 2022.
- Extension of CMP-08 Filing: The filing deadline for CMP-08 for the first quarter of the financial year 2022-23 (April to June 2022) has been extended from 18th July 2022 to 31st July 2022. This extension allows taxpayers more time to fulfil their compliance requirements.
Update as on 26th May 2022
According to CGST Notification no. 7/2022 dated 26th May 2022, the late fee for delayed filing of GSTR-4 for the financial year 2021-22 between 1st May and 30th June 2022 has been waived. This relieves taxpayers who faced challenges in meeting the original filing deadlines.
Updated information as of 30th December 2020
For filing GSTR-9 & GSTR-9C for Financial Year 2019-20, the due date has been extended to the 28th of February month 2021.
Update information as of 10th November 2020
(1) The due date for filing ITC-04 for July to September 2020 is extended to 30th November 2020.
(2) The due date for filing GSTR-1 for the periods of October 2020 to March 2021 has been declared as follows:
Quarterly return filers:
13th January 2020 – October 2020 to December 2020:
13th April 2021 – January 2020 to March 2021
Monthly return filer:
|October month of 2020||11th of November 2020|
|November month of 2020||11th of December 2020|
|December month of 2020||11th of January 2021|
|January month of 2020||11th of February 2021|
|February month of 2020||11th of March 2021|
|March month of 2020||11th of April 2021|
|Annual Turnover of Previous Financial Year||GST Registration in States and Union Territories||Latest Due Dates|
|Equal or more than Rs 5 crore||All||20th of the following month|
|Less than Rs 5 crore||Chhattisgarh, Gujarat, Madhya Pradesh, Karnataka, Goa, Dadra and Nagar Haveli and Daman and Diu, Puducherry, Andaman and Nicobar Islands, Maharashtra, Lakshadweep, Kerala, Tamil Nadu, Telangana and Andhra Pradesh||22nd of the following month*|
|Less than Rs 5 crore||Jammu and Kashmir, Ladakh, Himachal Pradesh, Delhi, Rajasthan, Punjab, Chandigarh, Tripura, Meghalaya, Uttarakhand, Haryana, Manipur, West Bengal, Jharkhand, Mizoram, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Assam and Odisha||24th of the following month*|
Update as of 28th October 2020
The individuals who opt under the QRMP scheme must file by the 22nd or 24th of the month following the quarter. Further, tax payments shall be made every month in PMT-06 by the 25th of the succeeding month for the first two months of the quarter.
The due date for filing GSTR-9 & GSTR-9C for the Financial Year 2018-19 has been extended to 31st December 2020.
Update as of 15th October 2020
The CBIC has apprised that the due date for filing of GSTR-9 will be made optional for small taxpayers whose turnover exceeds Rs.2 crore for Financial Year 2019-20.
Update as of 30th September 2020
The due date for filing GSTR-9C and GSTR-9 for the Financial Year 2018-19 has been extended to 31st October 2020.
Update as of 31st August 2020
The due date to file GSTR-4 for Financial Year 2019-20 is extended to 31st October 2020.
Extending the deadline for filing GST returns to 28th February 2021 provides much-needed relief to taxpayers, allowing them ample time to fulfil their tax obligations. Businesses and individuals must recognize the importance of timely filing and understand the implications of non-compliance. By adhering to the prescribed procedures, maintaining accurate records, and seeking assistance, taxpayers can ensure a smooth and hassle-free filing of GST returns.
*Below is Old Update News*
Finance Minister announces several economic relief measures due to the outbreak of COVID-19.
To provide an easement to businesses dealing with the economic impact of Covid 19, on Tuesday, the government said that it is extending the filing dates of returns for the month of March, April and May 2020 and composition returns under GST to June 30.
Addressing the Media, Finance Minister Nirmala Sitharaman added that lurched filing will apply. “While I announce 30th June as the date, specific regions will have dates like 27, 29 or 30th.
The deadline for filing GST returns for the month of March, April, and May has been extended to June 30. Early the last date for filing GST returns was March 31, 2020. Hence, The last date for composition returns on GST has also been extended to June 30, 2020, from March 31, 2020, announced by Finance Minister Nirmala Sitharaman on Tuesday. On March 24, the government announced the extension of the deadline for filing GSTR-3B for Goods and Services Tax (GST) for March, April and May to June 30.
“Others can file returns due in March, April and May 2020 by the last week of June 2020, but the same would attract a reduced rate of interest at 9 per cent per annum from 15 days after the due date (current interest rate is 18 % per annum),” Nirmala Sitharaman said.
During the address to the media, the Finance Minister made these announcements besides the important announcements on measures to tackle the economic impact of coronavirus. Additionally, she added that no different stupefying dates would be followed while filing GST returns for March, April and May.
Addressing the media through video conference, Nirmala Sitharaman announced that companies having turnover of less than Rs 5 crore wouldn’t be charged a penalty or interest for the late filing of GST. Whereas bigger companies having turnover of more than Rs.5 crore will have to pay the interest amount of about 9 per cent for delayed filing of GST, no penalty or a late fee will be levied. “On the late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore,”. In adding details, she said there is no late fee, and a penalty will be charged on GST returns filed by 15 days for the companies with over Rs 5 crore turnover.
The deadline for opting for the compensation scheme has been extended to June 30, 2020.
The Finance Minister has also announced that the last date for filing income tax returns for Financial Year 2018-2019 has been extended to June 31, 2020. And the deadline for Aadhar-PAN linking has also been extended to June 30. The interest levied on delayed deposits of TDS has been reduced to 9 per cent from 12 per cent and will be charged till June 2020.
In her address to the media, the FM also added that customs clearance had been made as a mandatory service, so it will continue to operate 24/7 till June 30, 2020. Vivad se Vishwas tax dispute resolution scheme has been extended for the next three months, that is, to June. Individuals who are willing to use the scheme do not have to pay any additional charges of about 10 per cent.
As per the FMs announcements, debit cardholders can withdraw money from any bank ATM without any fee, and the minimum balance maintenance charges have also been removed from all bank accounts for the next three months. “Debit cardholders who withdraw cash from any other bank ATM can do it free of charge for the next three months; the banks will charge no minimum balance maintenance fee,” Ms Sitharaman said.
In addition, if the current economic situation continues beyond April, the government will consider suspending Sections 7, 9, and 10 of the Insolvency and Bankruptcy Code (IBC) for the next six months, she said, adding this would help small and medium companies being forced into insolvency on default of loans.
Experts’ Opinions on the Above Announcements
MS Mani, Partner, Deloitte India, says, “The extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future, “ He further added that the waiver of interest, penalties and late fees for SME’s would be helpful for the business owners to focus on reviving their businesses after things get normal again.
The announcements on extended dates are likely to give some relief. “Some key filing and payment relaxations that should bring rejoicing to the industry. One hopes this is the first tranche and there are other tranches to follow, wherein benefits like GST rate reductions, exemption from import duties, reduced compliances etc. are announced,” said Harpreet Singh, Partner, KPMG India.
The Government has also determined that the last date for issue of notice, approval order, notification, sanction order, furnishing of return, filing of the appeal, statements, reports, applications, or any other documents, the time limit for any compliance under the GST laws where the due date is expiring between 20th March 2020 to 29th June 2020 will be prolonged to 30th June 2020.
Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co, says, “It is heartening to see that the government is looking after the interests of small businesses by waiving off interest, penalty and late fee. The government should also consider exempting essential commodities from GST as a temporary measure to ensure that basic necessities are available at reasonable prices during this time,”. According to him, the current situation has given some degree of disruption in many businesses, and the extension of the due date for filing of GST returns is a much-needed relief for the business industry.
1) What is the deadline for filing GST returns?
The deadline for filing GST returns has been extended to 30th June 2020 for those whose due date expires between 20th March 2020 to 29th June 2020. This is a much-needed relief for the industry amidst the disruptions caused by the current situation.
2) What is the last date for GST filing in 2023?
As of now, there is no information available regarding the last date for GST filing in 2023. The government announces such deadlines closer to the due date in tranches. It is advisable to keep checking official government sources for updates on any announcements regarding GST filings.
3) What is an e-commerce operator?
An e-commerce operator is a person or company that facilitates the supply of goods or services through an electronic platform. They may provide services such as listing products, processing payments, or order fulfillment.
4) What is an input tax credit?
The input tax credit is the mechanism that allows taxpayers to claim a credit for the taxes paid on the purchase of goods or services, which can be used to offset their tax liability.
5) How can I register for GST?
To register for GST, you need to visit the GST portal, fill out the registration form with the required details, and submit the necessary documents. Once approved, you will receive a unique GSTIN (Goods and Services Tax Identification Number).
6) What are outward supplies?
Outward supplies refer to the sales or provision of goods or services by a taxpayer. These supplies are made for other businesses or consumers.
7) What are inward supplies?
Inward supplies are purchases or acquisitions of goods or services made by a taxpayer from other businesses or suppliers.
8) What is an invoice in the context of GST?
An invoice is a document issued by a supplier that contains details of the transaction, such as the description of goods or services, quantity, value, and GST charged.
9) What is the significance of input tax credit in GST?
The input tax credit allows businesses to claim a credit for the GST paid on their purchases. It helps avoid double taxation and reduces the overall tax liability.
10) What is a GSTIN?
GSTIN (Goods and Services Tax Identification Number) is a unique identification number assigned to every registered taxpayer under GST. It consists of 15 digits and is used for all GST-related transactions.
11) How can I download my GST certificate from the GST portal?
To download your GST certificate, log in to the GST portal, go to the “Services” section, and select “User Services.” From there, you can download your GST certificate.
12) What is an Input Service Distributor (ISD)?
An Input Service Distributor (ISD) is an entity that receives invoices for services received and distributes the input tax credit to other branches or units of the same organization that require such credits for their tax liability.
13) How can I update my email address in my GST registration details?
To update your email address in your GST registration, log in to the GST portal, go to the “Services” section, and select “Amendment of Registration Core Fields.” From there, you can make the necessary changes to your email address.
14) What is UIN (Unique Identification Number) under GST?
UIN, or Unique Identification Number, is a special identification number assigned to certain entities, such as diplomatic missions and embassies, who are not liable to pay GST but are eligible for certain benefits and privileges.
15) What does SGST stand for in GST?
SGST stands for State Goods and Services Tax. It is the portion of GST collected by the state government on intra-state supplies of goods and services.
16) What are the GST registration requirements for businesses in Maharashtra?
The GST registration requirements in Maharashtra are the same for businesses across India. Any business whose aggregate turnover exceeds the threshold limit specified by the GST law needs to register for GST.
17) How can I log in to the GST portal?
To log in to the GST portal, visit the official GST website and click on the “Login” button. Enter your valid credentials, such as your username, password, and captcha code, to access your GST account.
18) What are the GST registration requirements for businesses in Karnataka?
The GST registration requirements in Karnataka are the same as those applicable for businesses across India. If a business exceeds the threshold limit for turnover, it needs to register for GST.
19) What does HSN stand for in the context of GST?
HSN stands for Harmonized System of Nomenclature. It is an internationally accepted code used to classify goods and services for taxation purposes under GST.
20) What are the different types of GST returns?
The different types of GST returns include GSTR-1 (for outward supplies), GSTR-3B (for summarizing tax liability), GSTR-4 (for composition scheme taxpayers), GSTR-9 (annual return), and many more. The exact types of returns required to be filed depend on the taxpayer’s category and turnover.
21) What is GSTN (Goods and Services Tax Network)?
GSTN, or Goods and Services Tax Network, is a non-profit organization that provides the IT infrastructure and services required for the implementation of GST in India. It operates the official GST portal and facilitates the smooth functioning of GST-related processes.
22) What is a final return in GST?
A final return in GST is required to be filed by taxpayers who have ceased their business or opted out of the GST regime. It is a way to close their GST liabilities and complete the necessary compliance procedures.