Relief to traders amid lockdown, GST returns extended till September 2018-19
There is a lockdown across the country to prevent the growing infection of the corona virus. For this reason the economy is stagnant. Meanwhile, the Central Government has extended the deadline for filing annual GST returns for the financial year 2018-19 by three months to September 2020.
In another decision taken in favor of industry and business, the Central Board of Indirect Taxes and Customs (CBIC) e-bills collected on or before 24 March, which had a validity period of 20 March to 15 April 2020. Has also extended their validity period.
Along with this, in another decision taken in the convenience of industry and trade, the government has allowed the industry and business to verify GST return filing and tax payment through Electronic Verification Code (EVC). This permission has been given till 30 June.
In view of the need for digital signature, filing monthly GST returns and delay in payment of tax, the government has allowed traders to verify the returns through EVC.
The Central Board of Indirect Taxes and Customs has issued a tweet saying that a notification about filing the annual return of Goods and Services Tax (GST) for the financial year 2018-19 and extending the deadline for its matching statement to 30 September 2020. Has been released.
EY's tax partner Abhishek Jain said, "A large part of the country is in complete lockdown or under partial lockdown, so it would be difficult for industries to do this work within the deadline of June end." In such a situation, the decision of the CBIC to extend the time limit will give great relief to the industries. Also, it shows the intention of the government to reconcile.
Along with this, the validity of e-way bills which were expiring on or before 24 March, expiring between 20 March and 15 April 2020, has also been extended further.
On the other hand, the CBI has said in another notification that between 21 April 2020 to 30 June 2020, any registered person will be allowed to fill the return in Form GSTR-3B under Section 39 of his Electronic Verification Code (EVC). Can verify through
Currently, traders are required to digitally sign the GSTR-3B form to fill their monthly GST returns and pay taxes. However, due to the shutdown of the offices due to the lockdown, the businessmen are not able to get the digital signature, due to which the filing of returns is delayed.
This could also be one reason why the government had to postpone the time of releasing the GST receipts data for the month of April. Typically, the GST collection data for the previous month is released at the beginning of the new month. But this time the figures of GST receipts of April 2020 were not released.
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