New GST Annual Return Form Not Available Yet: Can CBIC to Extend Date Again?

The Government is likely to miss the deadline of making the new forms available for annual GST return filing within the stipulated time in order to make the annual filing of GST return by traders and companies in time.

Earlier, the Government has extended dates of filing of form GSTR-9, GTSR 9A and GSTR-9C for FY 2017-18 CBIC again extended the due date of GSTR 9, 9A and 9C for FY 2017-18 till 31st January 2020 and FY 2018-19 till 31st march 2020. Read More to 31st January 2020 and for FY 2018-19 to March 31, 2020.

So, it is the second time in a row that the government has to extend the dates for simplifying the forms with the aim of making various fields of these forms as optional. The fields that are optioned out are for capital goods, machinery dealers and composition dealers, but even after a month, its online facility could not be started.

The Central Board of Indirect Taxes and Customs (CBIC) passed amendments on November 14 to simplify annual return forms GSTR-9 and GSTR-9C. In the simplified format which is supposed to be coming soon, the taxpayers are exempted to provide split of Input Tax Credit In India, Reversal of the ITC is a common term under the Indirect Tax Regime. Not only India, other countries as well are aware of this term. Like when we talk. Read More availed on inputs, input services and capital goods. They are also not required to furnish HSN level information of output or inputs,etc for the FY 2017-18 and 2018-19.

GST consultant Rakesh Gupta said that even if the new format is released without delay, to GST facility providers (GSPs), it can be made public when the software is synced which can further delay the process by a week or so. Filing can get further delayed with last dates being framed taking into consideration the lapses. Despite the Government exemption, there have been no filings in the markets. The traders are also keeping an eye on the petition which is filed in the Gujarat High Court on December 18 which challenges the 20% limit on input tax credit Check out the latest rule for the taxpayers related to the input tax credit. The traders can credit 20% plus ITC of an extra amount reflected in GSTR 2A return. Read More on missing invoices. The industry is opposed to such a move to impose a 20% limit on input tax credit as it reduces the working capital flow of the companies.