The Ministry of Finance has extended the due dates for filing of returns of goods and services tax (GST) in view of the covid-19 crisis and difficulties faced by taxpayers in meeting the compliances and norms.
The due date for filing of return in FORM GSTR-3B for the February month by all the registered persons stand extended till April 7, 2020.
A statement issued by the CBDT said that it has been decided that to “extend the due date of filing of the annual return in FORM GSTR-9 and reconciliation statement for the financial year 2018-19 from March 31 to 30 June, 2020”.
The govt. has also decided to extend the due date for opting for a composition dealer from March 31 to April 7.
Several industrialists and chambers were asking for extension in due dates to file the returns as the coronavirus outbreak had brought the normal life and operations of almost all the sectors of the economy to a standstill, which would be a severe financial impact.
The Centre & regulatory authorities has announced several relaxations in compliances in the past few days for companies and individuals.
Market analysts has also suggested that there may be a sharp drop in collections of GST in month of March and April due to lockdown across several cities in the country. In February, gross GST revenue collection stayed above the Rs 1 lakh cr. mark for the fourth consecutive month, at Rs 1.05 lakh crore.
Several states, including capital Delhi, has announced for lockdowns to control the novel coronavirus’ spreading, and these developments would be a great impact on finances of various sectors of the economy, including the restaurants.
As many as 424 active cases of coronavirus have been tested positive in India and so far, with nine deaths. The number of cases which has been recovered from coronavirus are 34 cases across the country.
Also Read : Highlights Of The 39th GST Council Meeting
Source : Outlook India