GST Return Filing Deadline Approaches: Submit Pending Returns Before 3-Year Cutoff

📅 Date: October 29, 2024
📂 Categories: #GSTRecentNews #TaxUpdate
⌛ Read Time: 4 Min

The Goods and Services Tax Network (GSTN) has announced a significant change: starting early 2025, filing of certain GST returns will be disallowed if over three years have passed since the due date. This rule affects GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9 as per Sections 37, 39, 44, and 52 of the GST Act.

🔹 Key Advisory: If you have any pending GST returns, now is the time to reconcile and submit them. This amendment, under the Finance Act, 2023, offers a final opportunity to prevent issues like tax demand notices or best judgment assessments, where the GST department estimates tax based on third-party data and the taxpayer’s records.

What to Expect if You Miss the Deadline
According to Chartered Accountant Bimal Jain, non-compliance may lead to being deemed a defaulter. The GST department could initiate a best judgment assessment, potentially resulting in tax demands and additional scrutiny.

🗓 Act Now: To avoid compliance risks, submit any pending GST returns without delay.

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