Monthly GST Return Filing Deadline Extended By 15 Days; Check Details

The deadline for filing Form GSTR-1 with information on outbound supplies for the month of May 2021 has been extended by 15 days. CBIC has extended the deadline to June 26. The government said on Monday that the deadline for completing monthly GST sales returns for the month of May has been extended by 15 days, to June 26.

On May 28, the GST Council, chaired by the Union Finance Minister and comprised of state counterparts, resolved to prolong some compliance relaxations due to COVID-19.

Depending on the type of business, all registered enterprises must file monthly, quarterly, or annual GST returns. These GSTR filings are all done through the GST portal.

A GST return is a document that a taxpayer (every GSTIN) is expected to file with the tax administrative authorities, detailing all income/sales and/or expenses/purchases. Tax authorities use this to compute net tax liability.

Except for the taxpayers listed below, all taxpayers registered under GST legislation are obliged to file GSTR-monthly.
a. Low-Income Taxpayers (who have a Turnover up to Rs. 5 Crore in the last financial year and have not opted quarterly)
b. Composition Dealer
c. Distributor of Input Services (ISD)
d. Non-Resident Registered Individual (NRI)
e. Person liable to deduct or collect tax under the CGST Act

The taxpayers listed above may be needed to continue filing the existing returns under the current system, or they may fall into the category of taxpayers obliged to file the quarterly GSTR.

To file a revised return, another type of return known as an amendment return is required. Not only that but a distinct procedure for reporting missing invoices is required through the main return itself. b. If there are any errors on the main return, they can be corrected by filing an amendment return. For each tax period, an amended return may be submitted twice.

Businesses must file GSTR-1 by the 11th day of the next month, detailing the supplies they made during the previous month.
Businesses complete Form GSTR-3B for payment of Goods and Services Tax (GST) on a staggered basis between the 20th and 24th day of the following month.

The GST Council also agreed to extend the deadline for composition dealers to file annual returns for fiscal 2020-21 by three months, till July 31.

"The deadline for filing an annual return in Form GSTR-4 for the fiscal year 2020-21 would be extended to July 31, 2021," CBIC said, adding that required notifications to implement these changes would be published in due course.

Additionally, until August 31, 2021, taxpayers who are registered under the Companies Act may file GST returns using an Electronic Verification Code (EVC) rather than a Digital Signature Certificate (DSC).

• GSTR-4 - July 31, 2021
• Composition dealers annual returns- July 31, 2021
• Companies Act GST Returns- August 31, 2021
• GST Sales returns- June 26, 2021

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