GST: Seeking extension of timelines for various GST compliances for Financial Year 2019-20 and extension of timeline for filing annual returns

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GST: Seeking extension of timelines for various GST compliances for Financial Year 2019-20 and extension of timeline for filing annual returns

Tejasvi

@tejasvi

October 7, 2020

Public Policy

22612

GST law prescribes strict timelines for specified compliance to be adhered by the registered person on or before September every year. Non-compliance leads to financial repercussions. In this regard, some of the important timelines are as follows:

Time limit for claiming Input Tax Credit (ITC) – time limit for taking ITC for F.Y 2019-20 is up to filing of return (GSTR-3B) for the month of September 2020. The due date of filing of GSTR-3B for the month of September 2019 is 20th October 2020. Accordingly, a registered person can claim ITC for FY 2019-20 up to October 20, 2020.
Time limit for issuance of credit notes – As per GST Law, credit note pertaining to supplies made in F.Y 2019-20 can be issued not later than the due date of filing of GSTR-3B for September 2020, i.e. 20th October 2020 or due date of filing of annual return, whichever is earlier. Hence, if a credit note is issued after September 2020 for any supply made during FY 2019-20, then GST liability cannot be reduced.
Rectification in outward supplies pertaining to FY2019-20 – As per S. 37(3) of CGST Act, for any amendments or rectifications in outward supply pertaining to FY 2019-20, the maximum time limit as permissible by GST law is earlier of the following dates:
– Date of filing of monthly return under S.39 for the month of September 2020 following the end of FY to which such details pertain i.e. 20th October 2020, or
– Date of filing of the relevant annual return, whichever is earlier.
Extension for annual returns (Form GSTR-9 and 9C) for FY 2018-19 – In terms of S. 44 of CGST Act read with Rule 80 of CGST Rules:
– Due Date of filing of annual return in Form GSTR-9 and reconciliation statement in Form GSTR-9C is 31st December 2019.
– Vide Notification no 15/2020, the due date for filing annual returns for FY 2018-19 was extended till 30th June 2020, which was further extended to 30th September 2020 vide Notification no 41/2020 dated 05th May 2020.

The unprecedented situation prevailing in the country due to COVID 19 where a majority of the companies are operating on a Work from Home (WFH) model, has made it very difficult for companies to undertake timely reconciliation of output and input data. It has also caused a considerable delay in undertaking follow ups with the vendor in order to avail the credit pertaining to FY 2019-20.

This is resulting in delays in filing of returns by the taxpayers and consequent availment of ITC by the recipients. As a consequence, taxpayers are finding it extremely challenging to comply with the September end deadlines.

Considering the above, we have requested the government to relook at the time limit for credit availment, issuance of credit notes and rectification of invoices/ debit notes for FY 2019-20. Thus, we request the government to:
– Extend the due date for availing ITC for invoices or debit notes pertaining to FY 2019-20 till 31st March 2021;
– Extend the time limit to adjust tax liability on account of credit notes issued for supplied pertaining to F.Y 2019-20 to 31st March 2021;
– Allow rectification of error or omission in respect GSTR-1 for the period from April 2019 to March 2020 till 31st March 2021; and
– Due date for filing annual returns in Form GSTR-9 and GSTR-9C should also be extended to 31st December 2020.

We will engage with government to get clarity on the above aspects. We will keep you posted on further developments in this regard.

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Tejasvi

Comment

sir one of my colleagues by human error forgot to take itc pertaining to f.y.2019_20 and the amount is huge.As per our ca amountbwill be credited to our electronic ledger but can not be claim as refund.As exporter we alrady have huge amount in elecyronic ledger.please suggest solution .how can we get unclimed itc for f.y 201920 as refund.we export under lut scheme.