Notification 69/2020 of CGST : Extension of time limit for filing of Annual Return for Financial Year 2018-19 .
CBIC on 24/10/2020 issued a press release which extended the time limit for filing annual return, audited Annual Accounts and reconciliation statement under section 44 for the financial year 2018-19 from 31/10/2020 to 31/12/2020. In this article we will discuss about the statutory provision of Annual return and will assess the impact of the notification issued by CBIC.
1. Annual return:
All registered persons are required to file an annual statement apart from regular return filed monthly or quarterly. The provisions of annual return are enlisted in section 44, 52 of CGST Act and Rule 80 of CGST Rule.
a) Section 44 of CGST ACT : apparently states that all the registered person other than
i) Casual Taxable person
ii) Non resident Taxable person
iii) Person required to deduct TDS or TCS under section 51 or 52 respectively
iv) Input Service Distributor
Are required to file annual return within 31st December of next financial year.
This Section also states the person who are required to get their Accounts audited under section 35 (5) of CGST Act (i.e. the registered person whose aggregate turnover in a financial year exceeds 2 Crore ( 5 Crore for FY 2018-19 and FY 2019-20)) are required to submit audited annual accounts and reconciliation statement along with the annual return. .
b) Section 52 Of CGST ACT: As per this section an E-commerce operator who is required to collect TCS is required to file an annual return within 31st December of next financial year
c) Rule 80 Of CGST Rule: The rule defines form in which annual return to be filed. Which are enlisted as below
i) All person mentioned in section 44 except Casual taxable person: Shall file return in form GSTR-9
ii) Casual Taxable person: Shall file form GSTR-9A
iii) E commerce operator notified under section 52: Shall file GSTR-9B
iv) All the person Who are required to file audited annual statement and Reconciliation statement: File Form GSTR 9C ( Addition to Form GSTR 9)
2. Analysis of Notification 69/2020:
The due date for filing annual return and audited Annual Accounts for financial year 2018-19 was 31/12/19. The same extended to 30/06/2020 vide notification No 15/2020 and then further extended to 30/09/2020 vide notification no 41/2020. CBIC further extended to 31/10/2020 vide Notification 69/2020.
Further CBIC extended the time lmited to 31st December 2020 by a press release dated 24/10/2020.