Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C?
Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dates, which has now been considered. The due dates for GSTR-9 & GSTR-9C of FY 2018-19 which was earlier 31st October 2020, now has been extended to 31stDecember, 2020. This is a Dussehera gift to GST taxpayers. Read: GSTR 9, GSTR 9A, GSTR 9C due date extended to 31st Dec 2020
Arjun (Fictional Character): Krishna, what is the Dussehera gift for taxpayers under Income Tax?
Krishna(Fictional Character): Arjuna, the Income tax department has also decided to gift their taxpayers with due date extension. The due dates for Income tax Returns of Audited assessee for FY 2019-20, which was currently 31st October 2020, is now extended to 31st January 2021. Now, both the taxpayers under GST as well as Income tax can celebrate the festival season with relief due to corona crisis. Read: Due date of furnishing of ITR & Tax Audit Reports extended
Arjun (Fictional Character): Krishna, we discussed about Dussehera gifts, but what are the taxpayers expecting in their Diwali gifts from GST Tax departments?
Krishna(Fictional Character): Arjuna, due to COVID-19 & lockdown situations, many taxpayers have faced issues in claiming ITC for many reasons. In representation made their many relief of ITC which are sought but till not given by GST Department few are as follows:
Had this ITC relief been given it would amount to Diwali gift to GST Taxpayers.
Arjun (Fictional Character): Krishna, what should the taxpayer learn from this?
Krishna(Fictional Character): Arjuna, after the extension of due dates, the taxpayers can take a deep breath of sigh, and relax as the burden of completing Audits has been lightened. After a year of great struggle against COVID-19, now the taxpayers can celebrate the festive season with some enthusiasm. Still lot of taxpayers are financially worried, hope this Dusshara bring happiness to them.