NEW DELHI: On the request of businesses, the government has extended the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021 by two months till February 28.
“The due date for furnishing annual return in form GSTR-9 & self-certified reconciliation statement in form GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022,” the Central Board of Indirect Taxes & Customs (CBIC) said in a late-night tweet on Wednesday.
GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST).
It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.
Filing annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.
KYC deadline extended
Meanwhile, the Reserve Bank of India on Thursday extended the last date for KYC (Know Your Customer) updation for bank accounts by three months to March 31 next year.
In a notification on its website, the central bank said it was extending the deadline in view of the “prevalent uncertainty due to new variant of Covid-19”.
The central bank had relaxed the rules first in May last year due to the pandemic and had said banking services should not be restricted just because the KYC documents have not been updated by the customer.