Govt Extends Deadline For Filing GST Annual Returns Till March 31

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NEW DELHI — The Finance Ministry has extended the last date for filing annual GST return forms by three months until March 31, 2019.

The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September. The last date for filing was set at December 31, 2018.

In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said, “the competent authority has decided to extend the due date for filing Form GSTR-9, GSTR-9A and GSTR-9C till March 31, 2019. The requisite Forms shall be made available on the GST common portal shortly .

GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is composition taxpayers, while GSTR-9C is a reconciliation statement 

Trade and industry players have been seeking an extension of the deadline for filing the annual returns.

EY Tax Partner Abhishek Jain said industry players have been struggling to collate the information required to be disclosed in GSTR-9 and GSTR-9C.

PwC Partner and Leader (Indirect Tax) Pratik Jain said, “Industry, as well as consultants, were struggling with December 31 deadline, given the volume of work involved including preparing a virtual P&L at a State level”.

‘No GST on sale of flats with completion certificate’

 The finance ministry Saturday said GST will not be levied on buyers of real estate properties for which completion certificate is issued at the time of sale. 

However, Goods and Services Tax (GST) is applicable on sale of under-construction property or ready to move in flats where completion certificate is not issued at the time of sale, it said.

The ministry also asked the builders to reduce the prices of properties by passing on the benefit of lower GST rate. 

“It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move in flats where sale takes place after issue of completion certificate by the competent authority,” the ministry said in a statement.

It further said affordable housing projects like Jawaharlal Nehru National Urban Renewal Mission, Rajiv Awas Yojana, Pradhan Mantri Awas Yojana or any other housing scheme of state governments attracts 8 per cent GST, which can be adjusted by the builders against its accumulated input tax credit (ITC).

“For such (affordable housing) projects, after offsetting ITC, the builder or developer in most cases will not be required to pay GST in cash as the builder would have enough ITC in his books of account to pay the output GST, the ministry said.

It said cost of housing projects or complexes or flats, other than those in affordable segment, would not have gone up due to implementation of GST. 

“Builders are also required to pass on the benefits of lower tax burden to the buyers of property by way of reduced prices/ installments, where effective tax rate has been down, it said.

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