Extension in Due Dates filing of GST returns and Year end activities to be carried out before 30.09.2020 – Real Estate Sector

[Manasa Reddy]

Extension in Due Dates filing of GST returns and Year end activities to be carried out before 30.09.2020 – Real Estate Sector

Part A: Extension in Due Dates filing of GST returns

Form GSTR 9 & GSTR 9C

Tax period	Due date	Extended date	Remarks
FY 18-19	30.06.2020	30.09.2020	Registered persons having aggregate turnover for more than ₹ 2 Crores are required to file annual returns in Form GSTR 9. Further, registered persons having aggregate turnover of more than ₹ 5 Crores are required to file reconciliation statement duly certified in Form GSTR 9C.

GSTR-1

Tax period	Due date	Extended date	Interest and Late fee
March’20	11.04.2020	30.06.2020	No Late fee, return filed on or before 30.06.2020
April’20	11.5.2020
May’20	11.06.2020
Quarter ending March’20	30.04.2020

Form GSTR 3B having aggregate Turnover > 5 Crores

Tax period	Due date	Extended date	Interest and Late fee
Feb’20 and March’20	20.03.2020 20.04.2020	24.06.2020	Return is filed within 15 days from original statutory due date. No interest shall be payable. Return is filed by 24.06.2020 then interest at the rate of 9% p.a. shall be payable from said 16th day till the date of filing return. No late fee if filed within extended date.
April’20	20.05.2020
May’20	20.06.2020	27.06.2020	Return filed beyond extended date interest @18% p.a. shall be payable from the statutory due date. If filed beyond relaxed date late fees would be levied from the original statutory date.

Form GSTR 3B having aggregate Turnover more than 1.5 Cr < 5 Crores

Tax period	Due date	Extended date	Interest and Late fee
Feb’20 and March’20	22.03.2020 22.04.2020	29.06.2020	No interest & late fee if filed till relaxed date. However, 9% interest would be leviable if filed beyond extended date till 30.09.2020.
April’20	22.05.2020	30.06.2020

Filing of Form GSTR 3B having aggregate Turnover less than 1.5 Cr

Tax period	Due date	Extended date	Interest and Late fee
Feb’20	22.03.2020	30.06.2020	No interest & late fee if filed till extended date.
Mar’20	22.04.2020	03.07.2020
Apr’20	22.05.2020	06.07.2020
May’20	20.06.2020	Sep’20 (staggered dates to be notified)
June’20	20.07.2020
July’20	22.08.2020

Form GSTR 4 and CMP 08 for Composition Taxpayers

Tax period	Due date	Extended date	Interest and Late fee
Quarter ending Mar’20	18.04.2020	07.07.2020	No interest & late fee if filed till extended date.
FY 19-20	30.04.2020	15.07.2020

Filing of ISD return, TDS return and Form ITC-04

Tax period	Due date	Extended date	Interest and Late fee
Mar-20 to May-20	13 day of following month	30.06.2020	The due date of compliance falls during the period from 20.03.2020 to 29.06.2020 is extended till 30.06.2020 Vide Notification number 35/2020,
Mar-20 to May-20	10 day of following month
Jan-20 to Mar-20	25.04.2020

Part B: GST–Year-end activities to be performed before 30.09.2020

Reconciliations to be performed	Books of Accounts	GSTR 1	GSTR 3B	GSTR 2A
Outward supplies as per books and GST returns	Yes	Yes	Yes	No
ITC claimed	Yes	No	Yes	Yes
Electronic Credit Ledger	Yes	No	Yes	Yes
Electronic Cash Ledger	Yes	No	Yes	Yes
Refund/Cancellations	Yes	Yes	Yes	No
ITC reversals/Blocked Credit	Yes	No	Yes	Yes
Tax paid under RCM  with RCM challans	Yes	No	Yes	Yes

Following points to be taken care on or before 30.09.2020 w.r.t Real Estate Industry:

1. Monthly reconciliation for the purpose of GSTR 9 and 9C.
2. Passing of ISD entries, raising the Invoices to map the books if any.
3. Follow up for any required amendments in tax invoice (demand letters), debit note, credit note etc.
4. Rule 37 – ITC reversal on account of non-payment within 180 days or reclaim of any ITC for which payment has been made.
5. The defaulted vendors to be identified for the purpose of recovery of tax.
6. Renewal of agreements w.r.t procurements if any.
7. Mapping of revenue recoginition as per Ind AS 115 (if applicable) with the GST turnover disclosed in returns vis-a-vis Books of accounts.

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CMA Manasa Reddy