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TMI BlogExtension in Due Dates filing of GST returns and Year end activities to be carried out before 30.09.2020 – Real Estate SectorX X X X Extracts X X X X X X X X Extracts X X X X ..... Extension in Due Dates filing of GST returns and Year end activities to be carried out before 30.09.2020 – Real Estate Sector - By: - Manasa Reddy - Goods and Services Tax - GST - Dated:- 27-6-2020 - - 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 fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 30.09.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 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/Can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cellations 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: Monthly reconciliation for the purpose of GSTR 9 and 9C . Passing of ISD entries, raising the Invoices to map the books if any. Follow up for any required amendments in tax invoice (demand letters), debit note, credit note etc. Rule 37 ITC reversa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l on account of non-payment within 180 days or reclaim of any ITC for which payment has been made. The defaulted vendors to be identified for the purpose of recovery of tax. Renewal of agreements w.r.t procurements if any. Mapping of revenue recoginition as per Ind AS 115 (if applicable) with the GST turnover disclosed in returns vis-a-vis Books of accounts. ------- CMA Manasa Reddy - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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