GST Return Deadline Extended: The government has extended the deadline to file the annual GST return filing deadline for the last financial year 2017-18. GST assessees now have until 30 November 2019 to file their FY 2017-18 annual tax returns, extended from the earlier 31 August 2019. The due date for filing annual return forms and annual audit forms for the financial year 2017-18 i.e. GSTR-9, GSTR-9A and GSTR-9C respectively was primarily December 31, 2018, which was already extended to August 31, 2019. The annual return form, GSTR-9 is an annual summary of the supplies made by a registered entity, tax paid on such supplies, input tax credit claimed, ineligible credits, demands and refunds, and the HSN on outward and inward supplies.
GSTR-9C is applicable to only those taxpayers who must get their annual accounts audited under the GST laws. Both GSTR-9 and GSTR-9C consists of numerous reconciliations which would assist the department in reconciling the details as provided in monthly returns with the data in the books of accounts.
"The seamless flow of input tax credit has always been considered as one of the fundamental features of GST and the input tax credit is considered to be the most crucial component of the tax law. However, since there are certain conditions on the credit entitlement, it becomes a must that the department is able to analyse and identify the buyers or purchasers who have claimed false tax credit," Rajat Mohan, Senior Partner, AMRG & Associates told Financial Express Online.
It is expected that post-filing of these annual filing forms, tax authorities would initiate audit proceeding to check the accuracy of tax payments and validity of tax credits would need to be substantiated by taxpayers and in some cases tax officer may also summon tax auditors to justify the basis of certification, Rajat Mohan added.