They feel that the deadline of December 31, for the filing of annual return of GST needs to be extended
Deadline for annual returns and provisions of Tax Deduction at Source (TDS) under Goods and Services Tax (GST) are some of the issues, experts feel will escalate in near future if they are not solved at the earliest. They feel that the deadline of December 31, for the filing of annual return of GST needs to be extended. Moreover, extension of the deadline for filing of returns by government companies should also be accompanied by an extension of the deadline for suppliers to government companies as well.
Nationally, close to 1.15 crore businessmen need to file GSTR-9 (annual return for regular dealers) or GSTR-9A (annual return for dealers under composition scheme) by December 31. This return also enable businessmen to remove anomalies that appeared in monthly returns. However, the form is still not available on GST Network.
“Filing annual return will take time as this is the last chance to remove anomalies in monthly returns. We will have to download, rectify, file and upload. With over a crore returns to be filed, it is high time that these forms are available on GST portal,” said Axat Vyas, a tax practitioner based out of Jamnagar.
“Those unable to file within the deadline will have to pay penalty and interest. We will request the government that since the forms are still not available, the deadline should be extended or else the penalty and interest should be waived off,” said Jaimin Vasa, president of Gujarat Chamber of Commerce and Industry (GCCI).
Another issue that has raised concerns is that of extension of deadline for filing of returns for Tax Deduction at Source (TDS) by government companies and organizations, where 18 per cent GST is levied.
Government companies buying goods or services are entitled to deduct two per cent TDS, so suppliers will have to pay 18 per tax but collect only 16 per cent tax. Remaining two per cent can be claimed when the buyer files the returns.
The government has extended the deadline for buyers to file returns but the deadline for filing of returns by suppliers has not been extended leading to blocking of capital, said Nitesh Jain, a chartered accountant.
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