: CBIC extends deadline for filing monthly GST sales by 15 days #finance #StockMarketNEWS CBIC extends deadline for filing monthly GST sales by 15 days New Delhi, Jun 1 (KNN) The Central Board of Indirect

CBIC extends deadline for filing monthly GST sales by 15 days #finance #StockMarketNEWS
CBIC extends deadline for filing monthly GST sales by 15 days New Delhi, Jun 1 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing monthly Goods and Services Tax (GST) sales returns for May by 15 days till June 26.

The Board has extended the deadline to 26th June as per the decision taken by the GST Council chaired by the Union Finance Minister and composed of state counterparts, resolved to prolong some compliance relaxations due to COVID-19.

The indirect tax body, in a series of posts on Twitter, on Monday, listed out various relaxations that have been extended by the GST Council.

"The due date for furnishing details of outward supplies in Form GSTR-1 for the month of May 2021 is extended by 15 days. The extended due date is June 26," CBIC said.

Depending on the type of business, all registered enterprises must file monthly, quarterly, or annual GST returns. These GSTR filings are all done through the GST portal.

Businesses file GSTR-1, giving details of supplies made during the month, by the 11th day of the subsequent month.

For payment of GST, Form GSTR-3B is filed by businesses in a staggered manner between 20th-24th day of the succeeding month.

The GST Council also decided to extend the deadline for composition dealers to file annual returns for fiscal 2020-21 by three months, till July 31.

“The deadline for filing an annual return in Form GSTR-4 for the fiscal year 2020-21 would be extended to July 31, 2021,” CBIC said.