Due date of GST Audit report for Financial Year -2018-19

Due date of GST Audit report for Financial Year -2018-19

Due date of GST Audit report for Financial Year -2018-19

Under GST, GST Audit and Annual Return is one of the complex filing for taxpayer as well as professional. Since inception of GST, N number of amendments has been taken place which has increased the work of practicing professional. Due to certain complexity involve in GST Audit and Annual Return, CBIC has extended due dates for such filing several times.

Let’s understand what is the due date for GST Audit and Annual Return as per existing law and what’s extended due date for Financial Year 2018-19:

As per section 35(5) of CGST Act, Every Registered person whose turnover exceeds from threshold (prescribed in rule 80) limit is liable to get his accounts audited under GST. As per rule 80 of GST rules, if turnover during any financial year exceeds from INR 2 Crore the taxpayer has to get his accounts audited under GST. However as per amendments made by 39th GST Council meeting, such limit has been increased to INR 5 Crore.

As per section 44(1) of CGST Act, Every person who is required to file GST annual return, furnish such return on or before 31 December following the end of relevant financial year. However as per recent changes taxpayer is not liable to file annual return (Form 9) if aggregate turnover does not exceeds 2 Crore in a financial Year.

As per section 44(2) of CGST Act, Every person who is required to file GST annual return u/s 44(1) shall also furnish GST audit report along with annual return.

On the basis of above analysis it’s implied that registered taxpayer is liable to submit GST Audit report (Form 9C) as well as Annual Return (Form 9) by 31 December of next financial year i.e. due date of GST Audit and Annual Return as per CGST Act is same which is 31st December of following year of financial year.

However by 39th GST Council meeting, government has extended the due date of Annual Return and GST Audit Report for Financial Year 2018-19 to 30th  June 2020. Now by Notification no 41/2020-Central Tax dated 5th May 2020, due date for GST Annual Return and GST Audit has further extend to 30th September 2020.

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