CA Umesh Sharma
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Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31st Dec 2020? Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31st December 2020 which are as follows: GSTR 9 - GST Annual Return for 2018-19 Mandatory i
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FAQ :
By 31st December 2020, businesses needed to file GSTR 9 (GST Annual Return) for 2018-19 and 2019-20 if turnover exceeded ₹2 Crore, and GSTR 9C (GST Audit Report) for the same years if turnover was over ₹5 Crore.
Failure to file GSTR 9 by the deadline incurred a late fee of ₹200 per day. For GSTR 9C, while no specific provision for daily late fees exists, a general penalty of up to ₹25,000 could be levied.
Before 31st December 2020, taxpayers were required to file their Tax Audit Report for AY 2020-21 (Form 3CD) and their Income Tax Return for AY 2020-21 for non-audit cases.
For AY 2020-21, if income was between ₹2.5 Lakhs and ₹5 Lakhs, the late fee was ₹1,000. If income exceeded ₹5 Lakhs, the late fee was ₹10,000. A penalty of up to ₹1.5 Lakhs could apply for not filing the Tax Audit Report.
Providing data and information to tax consultants promptly ensures they can file correct returns before the deadline. Failure to do so makes the taxpayer liable for late fees.
Taxpayers should learn that tax departments exchange data and have visibility into taxpayer activities. Filing Income Tax and GST returns accurately and on time is crucial to avoid late fees and interest.
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