BCAS representation for extension of various due dates under GST act

As we know still many states or cities or area are under lockdown either due to increasing number or cases or various other reasons and hence BCAS has made a representation before GST council and finance ministry for extension of various due dates under GST act.

BCAS (Bombay Chartered Accountants Society) is a voluntary organisation established on 6th July 1949, BCAS has presently more than 9,000 members from all over the country. BCAS is a principle-centered and learning-oriented organisation promoting quality service and excellence in the profession of Chartered Accountancy. The organisation is a catalyst to bring out better and more effective Government policies & laws in order to have clean & efficient administration and governance.

The representations made by BCAS are as under:

1. Extension of time limit to claim credit of invoice for FY 2019-20 u/s 16(4) or amendment of details furnished by supplier u/s 37 or issue of credit note by supplier for adjustment of tax in respect of FY 2019-20.

The due date for all above transaction is due date of return of September 2020 or annual return of that Financial year whichever is earlier.

BCAS has requested to extend this due date to March 2021 as the situations are still not under control and many businesses are not working in full capacity.

2. Extend due date for 10% credit limit mentioned under rule 36(4) which provides that Input Tax Credit to be availed by a Registered Taxable Person in respect of which the supplier has not furnished details u/s 37 (1) shall not exceed 10% of the eligible credit available in respect of details furnished by other suppliers u/s 37 (1).

Earlier relaxation to comply with this provisions was granted by making the applicability of this provisions on a
cumulative basis for the period from February 2020 till August 2020. Now BCAS has asked to extend this cumulative limit to March 2021.

3. Request to make E-invoicing optional for first six month even for businesses with turnover above Rs. 500 crore.

4. Extension for filing of Annual return, Audit report and reconciliation statement for FY 2018-19 by 4 months from existing due date of 30.09.2020.

5. Another representation has been made that the total maximum Late fees payable for delay in filing of Annual Return be reduced to Rs.5,000 if the said Annual Return for FY 2017-18 is furnished on or before 31st December 2020.

6. Further, The Notification No.35/2020-CTR extended due dates for certain compliances during the period 20-
3-2020 to 29-6-2020 to 30-6-2020. Subsequently, by Notification No.55/2020 – CTR such compliances during the period 20-3-2020 to 30-08-2020 was further extended to 31st August 2020. Now, it is further requested that the due date for such compliances during the period 20-3-2020 to 30-12-2020 be extended to 31-12-2020.

To read the full representation CLICK HERE.