Meghmani Organics finishes securing of Kilburn Synthetic compounds

Meghmani Organics finishes securing of Kilburn Synthetic compounds

In order to provide some relief to Covid-battered businesses on the compliance front, the government on Wednesday extended the deadline for filing GST annual returns for the 2020-21 fiscal year ending in March 2021 until February 28.

According to the Central Board of Indirect Taxes & Customs (CBIC), the deadline for filing the annual return in the FORM GSTR-9 & self-certified reconciliation statement in the FORM GSTR-9C has been extended from 31.12.2021 to 28.02.2022.

The government’s decision is expected to provide some breathing space to resource-strapped businesses, particularly MSMEs, which have yet to fully recover from the pandemic. A majority of MSMEs have reported that Covid has affected their working capital cycles in the last two years. Omicron curbs are now being implemented in various states, and the MSME sector’s working capital cycle is set to be severely affected once again.

The extension will relieve millions of MSME taxpayers and tax professionals, who are struggling to meet several deadlines during the holiday season. “Now it is up to MSME taxpayers to leverage this extra time wisely and submit all their annual compliances without assuming there will be any leeway in the future,” said Rajat Mohan, Senior Partner AMRG & Associates.

In the MSME dominated Home Textile Exporters Welfare Association (HEWA), Director Vikas Singh Chauhan believes there has been a reduction in error chances, as well as a decreased cost factor for MSMEs due to more time available to reconcile the data before they file. SMEs should avoid hasty filings. Every MSME exporter was busy until November fulfilling orders for Christmas and new year.

In addition to the two-month extension provided for GST annual returns, all businesses, especially smaller ones, will be able to complete reconciliations with their accounts and tax returns and then submit the GST annual returns. For businesses operating in more than one state, the returns must be filed separately for each state in which the business is registered; therefore, it is a complex compliance activity for multi-state companies,” said M S Mani, Partner, Deloitte India.

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