Looking back to last 15 months -specifically 2020 . It was the year when Professionals worked double than Usual year.
- 31st January 2020 was the last date for GSTR 9 AND 9C FOR FY 17-18 . This was after extending 4-5 times . Professionals still understanding 36(4) which was implemented back in Oct-2019
FEB – 2020
- Covid cases identified in India
- Janta Curfew on 22nd March 2020
- We were about close year 19-20 on 31st March but then It was announced Lockdown from 24th March 2020
APRIL – MAY 2020
- Lockdown Extended till 31st May .
- Aatm-nirbhar packages announced .
- GSTR 3B & 1 dates extended. 36(4) relaxed for few months.
- even when GSTR 3B March to May late fees were waived till 24th June 2020, They levied interest at 9% (still feeling strange)
JUNE – NOV 2020
- Successfully navigated through the maze of due dates extension in wake of covid relaxation wherein we attended webinars to just understand various due dates and interest rate applicability.
- Unlock phase
- Faceless era started in Income TAx.
- All GST extended dates got settled and it was back on track ..36(4) got more stricter . GSTR 2B introduced.
- Einvoice for 500 crore above FROM 1ST Oct, 2020 – A new era .
- Restricted staff, Night Curfews, Work from Home, Social distancing and Fear continues
- TCS on SALE OF GOODS was introduced in Income tax from 1st Oct, 2020 .. I still can’t understand the logic behind implementing TCS.. This created lil bit Havoc & confusion.
- ITR dates extended till December
- GSTR 9 and 9C of FY 18-19 due date was 31-12-2020.. Clashing due dates. One of the Hectic December ever.
- It was not extended even Extension was requested .
JAN – FEB 2021
- Finally Covid Controlled.
- Tax audit extended till 15-1-2021
- Budget 2021 on 1st Feb gave some bad news to Professionals. Lots of Procedure changes in GST.
- New GST amendments – strict suspension / cancellation policies w/o. natural justice , Stricter registration norms etc
- QRMP implemented. One of worst return filling system decision after GST implementation
- Einvoice for 100 crore above from 1st Jan 21
NOW MARCH 2021
- GSTR 9 and 9C of FY 19-20 due date 31-3-2021.
- End of all pending things.. End of all Pendency. Beginning of New Fin. year from April’21 with Fresh work with new Vision.. Some more new provisions and Some More restrictions & complexities in GST .
Finally, What I see on Macro level is Incredible efforts by Professionals even during time of Pandemic . Most GSTR 9+ 9C of FY 17-18, 18-19, 19-20, have been filed during last 1.5 year . Each time looking into data of 3 yrs + Making reconciliation each time for 3 yrs as data spilled for 3 yrs
Even with workload of Income Tax Audits and Monthly Compliances like 3B, 1 , ITR, TDS TCS returns, CMP8 , etc ,
We all conquered.