The Ministry of Finance recently reminded that the last date to file GST Annual returns will continue as June 30 and there would not be any further extension for the same.
The Ministry under the new Finance Minister, on Tuesday, issued a detailed clarification on the annual return filing for the Goods & Services Tax (GST).
Considering the queries from the trade and industry, the clarification also contained certain points which the dealers should keep in mind at the time of filing the return.
All the taxpayers are required to file their GST Annual Return (FORM GSTR-9) in FORM GSTR-9 on or before 30th June 2019.
Simultaneously, the Govern proposed to launch a new form of returns starting with large businesses, will prevent companies from claiming any more tax rebate than what they are eligible for, going by invoices issued by the vendors.
Under the new GST regime, which is a value-added tax system, only the amount of value addition, or margins claimed by businesses at any given point in the supply chain, is taxed. This is done by granting credit to businesses for taxes paid previously on raw material and services. The tax credit system under GST is an improvement over what existed in the pre-GST era, but it was not watertight, said experts. The proposed new forms seek to close this gap.
