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Looking back at the last 15 months - specifically 2020, it was the year when Professionals worked double than any usual year. In this article, we have discussed the timeline of 2020 & 2021 for GST Professionals.

JAN - 2020

  • 31st January 2020 was the last date for GSTR 9 AND 9C FOR FY 17-18. This was after extending 4-5 times. Professionals still understanding 36(4) which was implemented back in Oct-2019

FEB - 2020

  • Covid cases identified in India
GST Professionals   Timeline of 2020 and 2021

MAR-2020

  • Janta Curfew on 22nd March 2020
  • We were about close year 19-20 on 31st March but then It was announced Lockdown from 24th March 2020

APRIL - MAY 2020

  • Lockdown Extended till 31st May.
  • Aatm-nirbhar packages announced.
  • GSTR 3B & 1 dates extended. 36(4) relaxed for few months.
  • even when GSTR 3B March to May late fees were waived till 24th June 2020, They levied interest at 9% (still feeling strange)

JUNE - NOV 2020

  • Successfully navigated through the maze of due dates extension in wake of covid relaxation wherein we attended webinars to just understand various due dates and interest rate applicability.
  • Unlock phase
  • Faceless era started in Income Tax.
  • All GST extended dates got settled and it was back on track..36(4) got more stricter. GSTR 2B introduced.
  • Einvoice for 500 crore above FROM 1ST Oct, 2020 - A new era.
  • Restricted staff, Night Curfews, Work from Home, Social distancing and Fear continues
  • TCS on SALE OF GOODS was introduced in Income tax from 1st Oct, 2020. I still can't understand the logic behind implementing TCS. This created little bit Havoc & confusion.

DECEMBER 2020

  • ITR dates extended till December
  • GSTR 9 and 9C of FY 18-19 due date was 31-12-2020. Clashing due dates. One of the Hectic December ever.
  • It was not extended even Extension was requested.

JAN - FEB 2021

  • Finally Covid Controlled.
  • Tax audit extended till 15-1-2021
  • Budget 2021 on 1st Feb gave some bad news to Professionals. Lots of Procedure changes in GST.
  • New GST amendments - strict suspension / cancellation policies w/o. natural justice, Stricter registration norms etc.
  • QRMP implemented. One of worst return filling system decision after GST implementation
  • Einvoice for 100 crore above from 1st Jan 21
 

NOW MARCH 2021

  • GSTR 9 and 9C of FY 19-20 due date 31-3-2021.
  • End of all pending things.. End of all Pendency. Beginning of New Fin. year from April'21 with Fresh work with new Vision.. Some more new provisions and Some More restrictions & complexities in GST.

Finally, What I see on Macro level is Incredible efforts by Professionals even during time of Pandemic. Most GSTR 9+ 9C of FY 17-18, 18-19, 19-20, have been filed during last 1.5 year. Each time looking into data of 3 yrs + Making reconciliation each time for 3 yrs as data spilled for 3 yrs

 

Even with workload of Income Tax Audits and Monthly Compliances like 3B, 1 , ITR, TDS TCS returns, CMP8, etc.

We all conquered.


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Category GST, Other Articles by - ca harshil sheth 



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