Here's what will become cheaper for you GST Council meet
January, 18th 2019
The Central Government has notified new forms for annual Goods and Services Tax (GST) returns. These forms are to be filed by businesses registered under the GST regime by June 30, 2019.
As per the mandate, in the annual return forms, business are required to file consolidated information pertaining to sales, purchases and input tax credit (ITC) benefits accumulated them during the 2017-18 fiscal.
On December 31, 2018, the Central Board of Indirect Taxes and Customs (CBIC) notified form GSTR-9, GSTR-9A and GSTR-9C.
GSTR-9 refers to an annual return form designed for normal taxpayers. GSTR-9A is meant for composition taxpayers. GSTR-9C is designed for reconciliation statement.
The GST annual return filling forms had to face a lot of backlash by the trade and industry when it was earlier notified in September last year. In response Following this, the CBIC has notified the new forms.
Earlier, December 31, 2018 was the date finalised for the filing of annual return form. The dates were later extended by the government till March 31, 2019.
In its recent meeting on December 22, 2018, the GST Council decided to extend the due date further to June 30, 2019.
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