Publish Date: | Sun, 27 Feb 2022 03:24 PM (IST)
Indore (Naiduniya Representative). The last date for the GST Annual Return (GSTR-9 and GSTR 9-C) for the financial year 2020-21 is February 28. There are about 4 lakh GST registered businessmen in the state. So far, barely 50 percent of the returns have been filed. Seeing the large number of pending returns, the organizations have raised the demand to increase the last date. The Commercial Tax Practitioners Association and MP Tax Law Bar Association jointly submitted a memorandum in this regard to the Central and State GST Commissioners.
Adv. AK Lakhotia, president of the MP Tax Law Bar Association, said that in the past, along with the business world, tax advisors were also busy in doing work like income tax and audit together and there is still some work left. For the year 2020-21, the last date for filing audit reports of taxpayers with annual turnover of more than 2 crores under the Income Tax Act was February 15. The deadline for filing income tax returns has been given till March 15. All the businessmen, accountants and tax consultants are very busy in this work and the situation will remain like this till March 15.
Extend period till 30th June – Lakhotia said that before filing the annual return of GST, it is necessary for the businessman to reconcile all types of purchases and sales, reconciliation of ITC, income-expenditure and other necessary information etc. Any error, if any, in all the GST returns filed during the year, can be rectified in the annual return itself. This is the last chance for improvement. It is the compulsion of the trader to pay penalty and interest in case of discrepancy. In view of such situations, it has also been demanded from the Government and the GST Council that the last date for filing GST Annual Returns and Audits should always be kept after 90 days from the last date of submission of Income Tax Returns and Audit Reports. It is not possible to file GST returns without matching the returns filed in GST with the income tax return and audit report. This year, there has been a demand to increase the date of GST return from 28 February to 30 June. According to AK Gaur, former president of the Commercial Tax Practitioners Association, the government should decide the system itself. In this, always the GST annual return should be sought only after the income tax audit is done.
Posted By: Hemraj Yadav