GST Deadlines for Annual Returns

GST Deadlines for Annual Returns

The Central Board of Indirect taxes & Customs (CBIC) has released a press Notification which says the extension of due dates for filing Annual Returns in Form GSTR 9 & Self Certified Reconciliation Statement in Form GSTR 9C for the Financial Year 2020-21 is extended to 28th Feb 2022 From 31st December 2021.

Notification No.40/2021-Central Tax dated 29.12.2021

Does it Really matter to me?

Ok, Go ahead and validate this News.

Step 1:

Are you a registered Dealer with GST Department? If your answer is YES, Go ahead and read more, if not it’s not for your Business, but for your knowledge.

Step 2:

Check your dealer type:

Are you a regular dealer or composite dealer?

if you are a composite Dealer, Again it’s not for your Business. All Composit dealers should file the annual returns applicable for them(Vide GSTR 4) which needs to be filed by 30th of the subsequent month of the financial year end or any time that is extended by the Government. Read further, to learn about this, as you may become eligible in ear future for this form to file.

For Regular dealer, their Annual Turnover from 1st of April to 31st of March is to be calculated based in the outward supplies filed with GST every month. The Annual turnover exceeds 2 Crores, you are liable to file GSTR 9 before the prescribed due dates failing with you will have to pay a penalty.

Step 3:

Check if your Turnover is also crossing 5 Crores per Annum. If it crores the limit, the Assessed has to additionally file Self certified Reconciliation Statement form GSTR 9C before the prescribed due dates failing which they have to file with penalty.

Judge yours now! or help others to Judge with this little article.