In a move aimed at providing relief to taxpayers, the Indian government has extended the deadlines for GST officers to issue demand notices pertaining to discrepancies in annual returns for the financial years 2018-19 and 2019-20.
As per a notification released by the finance ministry on Thursday, the new deadline for the fiscal year 2018-19 has been extended to April 30, 2024, and for the fiscal year 2019-20, it has been extended to August 31, 2024. This marks a significant shift from the previous deadlines of March 31, 2024, and June 30, 2024, for 2018-19 and 2019-20 financial years, respectively.
Rajat Mohan, Senior Partner at AMRG & Associates, highlighted that this extension specifically pertains to the issuance of orders for the recovery of tax liabilities. These tax liabilities may arise due to non-payment, underpayment, or erroneous claims of input tax credit for the financial years 2018-19 and 2019-20.
This is not the first time the government has revised these deadlines. Previously, for the fiscal year 2018-19, the deadline was extended to March 31, 2024, from the original deadline of December 31, 2023. Similarly, for the fiscal year 2019-20, the deadline was shifted to June 30, 2024, from the initial deadline of March 31, 2023.
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