Publish Date: | Wed, 02 Mar 2022 08:17 AM (IST)
GST Annual Return 2022: Lokesh Solanki, Indore. The deadline for filing annual returns of GST has passed on February 28. Even now, about 40 percent of traders in Madhya Pradesh are such who could not file returns. Chartered accountants and tax consultants along with businessmen were constantly demanding that the date of filing returns be extended. They were also confident that the last date would go ahead. Contrary to expectations, no such announcement was made by the GST Council till Tuesday. Now the displeasure has flared up due to the attitude of the GST Council. Tax professionals along with businessmen have warned to open a front in protest, terming it as the government’s attitude to harass without any reason. The question is also being raised because there is no loss to the government’s revenue by extending the date, but the traders would have got relief.
About 4 lakh businessmen are registered under GST in the state. In the GST system, every businessman has to pay tax along with monthly returns. The annual return contains the details of the returns paid for the year. Filing of annual return of GST is optional for traders with an annual turnover of less than Rs 2 crore. Whereas mandatory for traders with more than this turnover. According to Ashwin Lakhotia, president of MP Tax Law Bar Association, there are at least 1.25 lakh traders who are above this threshold of turnover and come under the purview of mandatory returns.
In a city like Indore, hardly 50 to 60 percent of traders have been able to file annual returns in today’s situation. In smaller cities and towns this percentage will be even lower. There is a logical reason behind this, not someone’s negligence. Actually, till now the process of income tax audit and return filing is going on.
Now the burden of late fee, will protest unitedly
Traders and professionals may start protesting against impractical dates for annual returns of GST from Wednesday. Many businessmen are complaining that they could not file GST annual return even if they wanted to as CAs and tax advisors are still busy with income tax formalities. Despite this, now the burden of late fee will come on the pocket of the businessman. On Wednesday, a delegation consisting of Central and State GST Commissioners will try to convey their protest to the GST Council.
earning from late fees
According to Kedar Heda, President of the Commercial Tax Practitioners Association and Advocate AK Gaur, former President, February 15 was the last date for the audit of Income Tax. After this, the last date for filing income tax return of audit is till March 15. It would have been practical to keep the date of GST annual return only after the income tax return. From March 1, a late fee of Rs 200 per day has come into effect for delay in annual return. It is clear that the government is setting arbitrary dates in order to earn the late fee of 15 to 30 days from every trader.
Posted By: Prashant Pandey