GOODS AND SERVICE TAX OR GST-
GST or Goods and Service Tax was enforced in India in the year 2017. The GST System replaced all other state and central taxes that were charged on all products and services in the country. This tax system also makes it easier for the taxpayers to pay tax because they have to file all their taxes in one place only.
GST RETURN FILING-
GST Return is a document that contains details of all income, expenses, sales, and purchases of a taxpayer. Using this information, the Income Tax Department calculates the amount of tax that the taxpayer has to pay.
In simple words, a GST Return is the filing of all the GST of a taxpayer. Every person under the Income Tax Act must show their income to the Income Tax Department. This is known as GST Return.
Under the GST System, the person has to file details which are-
● Output GST (On Sales)
● Input Tax Credit (GST paid on Purchases)
MONTHLY GST RETURN FILING DATES EXTENDED-
There are various types of GST Return that a taxpayer, registered under (GSTIN) is liable to file. One of them is GSTR-1. Under this, the taxpayer has to file the GSTR-1 on a monthly basis. GSTR-1 contains details of the outward supply of goods, services, and products.
● The government recently announced that the deadline for filing GST for the month of May 2021, has now been extended by 15 days, which is 26 June 2021.
● The Chairman of the GST Council on May 28 decided to extend the GST Return filing date for May due to the pandemic.
GST QUARTERLY RETURN FILING DATE ALSO EXTENDED-
The Central Board of Indirect Taxes and Customs (CBIC) said that for composition taxpayers, the due date for furnishing annual return in ‘Form GSTR-4’ for FY 2020-21 would have been extended to July 31.
● GSTR-4 is another type of GST Return filing that is to be submitted quarterly.
● This GST Return file contains details about the composition scheme opted by the taxpayers.
● The due date of filing this GST is extended to 31 July 2021.
“Due date for furnishing annual return in Form GSTR-4 for FY 2020-21 to be extended to July 31, 2021,” CBIC said, adding relevant notifications to give effect to these relaxations would be issued in due course.