Tax Professionals Demand to Extend TDS & GST Payment Due Dates

The outbreak of coronavirus has impacted every kind of business and other organisation. Moreover, everything is closed because of the lockdown. Offices of companies and chartered accountants are closed and the businessmen are facing numerous issues because of it. The approaching deadlines for filing the TDS (Tax Deducted at Source) returns for the fourth quarter and GST (Goods and Services Tax) returns for March are creating stress among the businessmen. A lot of deadlines will be falling between 30th April 2020 and 5th May 2020. A lot of business owners and other individuals have requested the Prime Minister, Mr Narendra Modi and the finance minister, Mrs Nirmala Sitharaman to extend these deadlines further. Although the government has already extended the due dates of most of the returns till 30th June 2020.

The industrialists have said that the last date for filing the TDS returns via Gen TDS Software for the fourth quarter is 30th April 2020 but they are not able to file them as the computation is not possible without the CAs. CA Chirag Chauhan said that the offices are closed so the documents are struck and the services of the accountants are halted. He suggested that the deadlines should be extended until 31st March 2020 at least. The last date of filing the professional tax return was shifted from 31st March 2020 to 30th April 2020 but this shift has not helped the people because of the lockdown.

All the assessees having an annual turnover of more than Rs. 5 crores, are required to file the GST returns as of 5th May 2020 but will be unable to do so because of the lockdown and shortage of working capital. The assessees are unable to file from GSTR 3B because of computation problems. You can also file your return filing and billing through Gen GST software as it is government authorized. The government had extended the deadline from 20th April 2020 to 5th Mat 2020 because of the lockdown.

The Chamber of Trade Industry has asked the PM, in writing, to extend the GTS deadlines for some months. They argued that the provisions of GST require an assessee to file the returns by the 20th of the next month for but they will be unable to do so as no payments are being received against most of the issued invoices. The burden of EMI, interests, rent and wages are also creating problems for the assessees. They suggested that the government should at least shift the deadlines until the lockdown is over.

The Board of Trade of Indian Industry has suggested that if the tax liabilities are not postponed then it will be difficult for the industries to recover from the crisis as the working capital is low and savings are draining regularly.

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