In a major relief for businesses, the government is likely to extend the due date of filing GST annual return and audit report for the fiscal year 2019 providing the businesses more time to file their annual returns.
The due date may be extended by the Goods and Services Tax (GST) Council because companies are busy meeting the deadline for FY18, the first filing of GST return after GST roll-out.
Industry experts said that an extension of the deadline for FY19 will be of immense help as they would otherwise be forced to finalize annual returns and audit reports for FY19 within a month of filing the same for the previous fiscal.
For FY18, the government has already extended the due date of the GST return filing as many as three times due to many reasons including technical problems in furnishing returns.
On 26 August, the government had extended the last date for filing annual GST returns by three months to 30 November.
Earlier, the deadline for the GST filing returns was fixed at 31 August.
While extending the date, the Central Board of Indirect Taxes & Customs (CBIC) said, “Certain technical problems are being faced by the taxpayers as a result annual return for the period 1 July 2017 to 31 March 2018 could not be furnished by persons registered under GST.
The council is continuously liberalizing the compliance regime, especially for small businesses, who now have to pay only quarterly returns though they pay taxes on a monthly basis.
The finance ministry had noted in the FY20 Union budget documents that the Centre expects the new tax regime to potentially consume some more time to stabilize. “The full benefits of GST reforms should start accruing from FY21 and completely stabilize thereafter to ensure a sustainable fiscal path.”