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August 24, 2020

10 GST deadlines expiring on 31st August, 2020

by Rubina Dsouza in GST, GST Circular Notification

10 GST deadlines expiring on 31st August, 2020

Introduction

It is mandatory  for taxpayers in India to adhere to tax- related compliance proposed by the Indian government. Non-compliance with due dates of GST return filing as well as GST rules may result in imposing of heavy penalties by the government for taxpayers in India.

Tax compliances have been difficult especially in the COVID period where importance for foremost given to human health and safety. Given below are all the GST compliances, whose deadlines are 31st August, 2020.

This article will aid in providing information of all the required forms to be filed, thus making your life a little bit easier. So now let’s see which deadline ends on 31st of August, 2020.

1.GSTR4 (2019-20): GSTR-4 is an annually form to be filed by composition dealer. As per Notification No. 59/2020 dated 13.07.2020, 31st August, 2020 is the last date for filing of GSTR-4 for financial year 2019-20. 

2. ITC 03: ITC 03 is a form that is filed in special circumstances when input tax credit that has been availed has to be reversed. Due date of Filing of ITC-03 for reversal of ITC by persons opting for Composition Scheme is 31st August, 2020.

3. ITC 04: ITC-04 is related to job worker and submitted by the principal every quarter. It is furnished on or before 25th day of the month succeeding the quarter. As per Notification No. 55/2020 dated 27.06.2020, last date of ITC 04 of the 4th quarter of 2019-20 and first quarter of 2020-21 is 31st August, 2020. Details to be furnished in ITC-04 are:-

i. Goods sent to job worker

ii. Goods received back from the job worker or sent out from business place of job-work.

4. GSTR-5: GSTR-5 is submitted by Non- Resident taxable person. The due date of GSTR-5 is earlier of the followings:

i. Within 20 days after the end of a calendar month

ii. Within 7 days after the last day of validity period of registration

However, as per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-5 for the month of March 2020 to July 2020 is extended to 31st August, 2020.

5. GSTR-5A: GSTR-5A is submitted by the OIDAR service providers. GSTR-5A is furnished on or before within 20 days after the end of the month.

As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-5A for the month of March 2020 to July 2020 is extended to 31st August, 2020.

6. GSTR-6: GSTR-6 is filed by input service distributors (ISD). It is filed within 13 days from the end of the month. As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-6 for the month of March 2020 to July 2020 is extended to 31st August, 2020.

The details of invoices on which credit has been received and details of tax invoices issued by ISD to be furnished in the GSTR-6.

7. GSTR-7: GSTR-7 is to be filed by TDS deductor. It is furnished within 10 days after the end of the month in which tax has been deducted at source. As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-7 for the month of March 2020 to July 2020 is extended to 31st August, 2020.

8. GSTR-8: GSTR-8 is submitted by E-commerce operator who collects tax at source under the section 52. It is furnished within 10 days after the end of the month in which collection of tax at source is made.

As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR- 8 for the month of March 2020 to July 2020 is extended to 31st August, 2020.

9. Letter of Undertaking (LUT): Letter of Undertaking (LUT) is a document that exporters can file to export goods or services without having to pay taxes. Any registered person can furnish LUT in form GST RFD 11 and export goods without the payment of integrated tax.

Due date for filing of LUT for the financial year 2020-21 is extended to 31st August, 2020 as per Notification No. 55/2020 dated 27.06.2020.

10. GST CMP-02: When a dealer wants to opt for Composition Scheme under GST, they have to intimate the government about it.

This can be done by filing Form GST CMP-02. Existing ones are not required to apply again.

The time limit to opt into the composition scheme for the FY 2020-21 in form CMP-02 has been extended till 31st August, 2020 vide Notification No 55/2020 – Central Tax.

Here’s hoping that all your compliances are met before these extended due dates.