Notification No. 95/2020 – Central Tax Explained

Answer:
Notification No. 95/2020 – Central Tax extends the due date for filing the Annual Return (Form GSTR-9) under Section 44 of the CGST Act for the financial year 2019–20 to 28th February 2021.
It was issued by the Central Board of Indirect Taxes and Customs (CBIC) on 30th December 2020 following recommendations from the GST Council.

Answer:
The Annual Return (GSTR-9) is a consolidated summary of all GST transactions made during a financial year.
It includes:
Outward and inward supplies,
Tax paid and payable,
Input Tax Credit (ITC) availed or reversed,
Adjustments and refunds.
It ensures a complete reconciliation between the taxpayer’s books and GST portal records.
📄 File your annual return seamlessly using Finodha GST Compliance Services.

Answer:
All registered taxpayers under GST, except:
Input Service Distributors (ISDs),
Casual taxable persons,
Non-resident taxable persons, and
Persons paying tax under Section 51 (TDS) or 52 (TCS).
Businesses with turnover above ₹2 crore must mandatorily file GSTR-9, while those below ₹2 crore can file it voluntarily.

Answer:
The deadline was extended due to:
Disruptions caused by the COVID-19 pandemic,
Delay in data reconciliation and audit completion,
Technical glitches on the GSTN portal, and
Representations from businesses requesting extra time.
The GST Council recognized these hardships and recommended this extension to ease compliance pressure.

Answer:
The new due date for filing GSTR-9 (Annual Return) for FY 2019–20 is 28th February 2021, as per Notification No. 95/2020 – Central Tax.

Answer:
Failure to file GSTR-9 by the deadline attracts:
Late fees under Section 47(2) of the CGST Act:
₹200 per day (₹100 CGST + ₹100 SGST), subject to a maximum of 0.25% of turnover.
Restriction on future filings until the pending return is submitted.
Avoid penalties — file your GST return on time with Finodha GST Return Filing.

Answer:
The Annual Return is mandated under Section 44(1) of the CGST Act, 2017, which states that every registered person (except certain categories) must furnish an annual return in prescribed form and manner.
Rule 80 of the CGST Rules provides the procedural details, including the filing portal and formats.

Answer:
Depending on turnover and type of taxpayer:
Form GSTR-9: For all regular taxpayers.
Form GSTR-9A: For composition taxpayers (now optional).
Form GSTR-9C: For taxpayers with turnover exceeding ₹5 crore, requiring certified reconciliation by a CA/CMA.
For expert help with GSTR-9C reconciliation, connect with Finodha Compliance Experts.

Answer:
Follow these simple steps:
Visit the GST Portal.
Login using your GSTIN and password.
Navigate to Services → Returns → Annual Return (GSTR-9).
Fill in details or import from your accounting system.
Validate using Digital Signature Certificate (DSC) or EVC.
Need a DSC? Get your Digital Signature Certificate online here.

Answer:
Before submission, verify:
✅ Outward supplies (sales) and inward supplies (purchases).
✅ Input Tax Credit (ITC) claimed vs. actual.
✅ Tax liability vs. tax paid.
✅ Any mismatches between GSTR-3B, GSTR-1, and books of accounts.
Finodha’s GST Reconciliation Services can help automate this verification.

Answer:
Yes ✅
The extension under Notification No. 95/2020 – Central Tax applies uniformly to all taxpayers across India, including Union Territories governed by the UTGST Act.

Answer:
Yes, filing GSTR-9 is optional for taxpayers with turnover below ₹2 crore for FY 2019–20, as per earlier CBIC clarifications.
However, filing voluntarily helps maintain accurate compliance history and avoids future queries.

Answer:
🚫 Avoid:
Using incorrect HSN codes.
Missing ITC reversals.
Mismatch between books and filed returns.
Incorrect tax liability reporting.
Pro tip 💡: Use Finodha’s GST Compliance Service to ensure 100% accurate reporting.

Answer:
Timely filing ensures:
✅ Avoidance of late fees and penalties.
✅ Smooth future return filings.
✅ Improved business credibility during audits or loan applications.
✅ Peace of mind knowing your GST records are in order.

Answer:
After submission:
Download and keep acknowledgment copy for audit purposes.
Reconcile GSTR-9 data with books for accuracy.
Retain all supporting invoices and ledgers for at least 72 months as per Section 36 of the CGST Act.
For ROC and post-filing compliance, visit Finodha Private Limited Compliance.