In a major relief to the businesses struggling with the second wave of coronavirus pandemic ravaging the country, the Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing of GSTR-1with information on outbound supplies for the month of May 2021 has been extended by 15 days. The Board has extended the deadline to 26th June as per the decision taken by the GST Council chaired by the Union Finance Minister and comprised of state counterparts, resolved to prolong some compliance relaxations due to COVID-19.
The Board has said on Monday that the deadline for completing monthly GST sales returns for the month of May has been extended by 15 days, to June 26.
Depending on the type of business, all registered enterprises must file monthly, quarterly, or annual GST returns. These GSTR filings are all done through the GST portal.
From 1st January 2021, all taxpayers with Annual Aggregate turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March). Businesses must file GSTR-1 by the 11th day of the next month, detailing the supplies they made during the previous month. Businesses complete Form GSTR-3B for payment of Goods and Services Tax (GST) on a staggered basis between the 20th and 24th day of the following month.
The GST Council also decided to extend the deadline for composition dealers to file annual returns for fiscal 2020-21 by three months, till July 31. “The deadline for filing an annual return in Form GSTR-4 for the fiscal year 2020-21 would be extended to July 31, 2021,” CBIC said. However, no notifications has been published in this regard.
Source : Tax Scan
