GST Council extends deadline to file annual returns for FY18

Union Finance Minister Nirmala Sitharaman-led Goods and Service Tax (GST) Council on Wednesday extended the deadline for filing Form GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for financial year 2017-18 to January 31, 2020. Earlier the last date for filing of GSTR-9 and GSTR-9C for FY18 was December 31, 2019.

In November, the government had extended the due date for filing annual return (GSTR-9) and reconciliation statement/audit report (GSTR-9C) to December 31, 2019, from November 30, 2019 earlier. The government had also simplified these forms, expecting that it would help the GST taxpayers to file their returns in time.

Briefing reporters after the 38th meeting of the GST Council, Revenue Secretary Ajay Bhushan Pandey said the government has also decided to waive late fee for taxpayers who have not filed returns from July 2017 to November 2019 if all the returns are filed by January 10, 2020.

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"This has been done to facilitate filing all past returns as GSTR-1 is important for invoice matching. In case the taxpayers do not file GSTR-1 by January 10, 2020, the e-way bill will be blocked for them," said Pandey.

Among other major announcement, the Goods and Services Tax (GST) Council fixed a uniform tax rate of 28 per cent on both state and private lottery, which will come into effect from March 1, 2020. The 38th GST Council has voted for the first time since it was constituted to decide on having a single rate on lotteries.

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The GST Council has also decided to waive GST payable for industrial and financial infrastructure plots by entities with 20 per cent or more ownership of Centre or state government. This change will come into effect from January 1, 2020.

Edited by Chitranjan Kumar