Income tax and GST return filing: The government has extended the filing date from Income Tax Return (IT Return) to GST Return. According to the Finance Ministry, traders have been given relief in filing returns of GSTR-9 and 9-C for the financial year 2018-19. Now traders will be able to file these returns by October 31. The period ended on Wednesday. However, traders were seeking to extend it till 31 December. Along with this, e-invoicing has also been made compulsory from October 1 for businesses exceeding Rs 500 crore.
In view of the corona transition, the date of the income tax return on Wednesday has also been increased. Now the date of income tax return to be filed for the financial year 2018-19 and assessment year 2019-20 has been extended to 30 November. This deadline also came to an end on 30 September. Even before this, its deadline has increased many times.
Export orders increase
With the end of the lockdown almost completely, there have been better signals for the economy on the export front. Exporters are getting 20 per cent more orders for October-November as compared to the previous five months. According to the exporters, the level of the new order is around before the corona and there is full expectation of increase in exports for the third quarter (October – December) of the current financial year (2020-21). According to exporters, employment sectors such as engineering products, readymade garments, leather products and handicrafts have also shown an increase in orders over the last five months.
In the first five months (April-August) of the current financial year, exports of goods fell by 26.65 percent compared to the same period of the previous financial year. The decline was 12.6 percent in August. Out of 30 major items, only 14 items registered positive growth in August exports. Export of garment declined 14 percent over the same period last year. Commerce and Industry Minister Piyush Goyal has already said that in the first 15 days of September this year, there is an increase of about 10 percent in exports as compared to the same period last year.