Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31st Dec 2020?
Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31st December 2020 which are as follows:
1. GSTR 9 – GST Annual Return for 2018-19 Mandatory if Turnover more than 2 Crore.
2. GSTR 9C- GST Audit Report for 2018-19 Mandatory if Turnover More than 5 Crore.
3. GSTR 9 – GST Annual Return for 2019-20, Mandatory if Turnover more than 2 Crore.
4. GSTR 9C- GST Audit Report for 2019-20, Mandatory if turnover More than 5 crores.
If the above GST returns not filed before 31st December 2020 then Taxpayer has to pay Late fees of Rs. 200 per day for GSTR 9 and for GSTR 9C ( Audit report) no specific provision hence a Maximum general penalty of Rs. 25000/- may be levied.
Arjun (Fictional Character): Krishna, What are the compliances regarding Income Tax which need to be done before 31st December 2020?
Krishna (Fictional Character): Arjuna, Following are the Important Compliances regarding Income Tax which are needed to be complete before 31st December 2020 (Extended Due Date)
1. Form 3CD: Filling of Tax Audit Report for AY 2020-21.
If not file then Taxpayer may have to pay a penalty up to Rs 1.5 Lakhs.
2. Filling Income-tax Return for AY 2020-21 for non-audit cases.
If return not filed up to 31st December 2020 then Late Fees will be applicable as follows:
1. Income more than 2.5 Lakhs and Less than 5 Lakhs then Late fees will be Rs 1,000/-.
2. Income more than 5 Lakhs then Late fees will be Rs 10,000/-.
Arjun (Fictional Character): Krishna, Taxpayer and Tax Consultants having more pressure then How all compliances will be done before 31st December 2020?
Krishna (Fictional Character): Arjuna, 31st December is the last date of filing return Hence, the taxpayer should provide the data or information to the Tax Consultants within time. So that the tax consultants can file the correct return.
If the taxpayer, will not provide data or information within time, then they will be liable to pay the late fees.
Arjun (Fictional Character): Krishna, what should Taxpayer learn from this?
Krishna (Fictional Character): Arjuna, With the use of information Technology GST and income Tax Department exchange the data between each other. These departments have eyes on taxpayers, They can easily issue notices using these data. The taxpayer has to file Income tax and GST Return timely and correctly without Mistake. So that they can avoid late fees or interest for late filing returns.