Government extends deadlines for key financial tasks

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Extension of deadlines beyond December 31: The government has extended deadlines for several sectors in various announcements over the past two days. From filing EPFO ​​applications to updating KYC (Know Your Customer) for clients of regulated entities, different branches of government have updated deadlines to be December 31. Thus, citizens across India now have more time to relax and drop off. updates accordingly, without any pressure on them yet. In this regard, it should be informed that these deadlines have been greatly extended due to the ongoing Covid-19 pandemic which has seen a new wave of cases with the emergence of the new Omicron variant.

Here is a list of deadlines that have been extended by the government from December 31 to other dates:

i) Application date for EPFO ​​extended beyond December 31

The Employee Provident Fund Organization, or EPFO, said Thursday, December 30, that members can now apply to their EPF accounts beyond December 31, which was the prescribed deadline for doing the job. This time, he did not specify a deadline. However, the government-backed pension body encouraged account holders to file an electronic application as soon as possible.

The latest move comes after many users complained about issues in the EPFO ​​portal when submitting an electronic application. According to several users who complained on Twitter, the EPFO ​​portal does not allow them to apply and displays an error message every time they try to do the job.

“It is essential that underwriters register appointments to care for and protect their spouses, children and parents through FP, pension and insurance online,” the EPFO in a press release. The purpose of filing the nomination is to guarantee the benefits for the dependents of the PF account holder in the event of a mishap with him. account.

ii) Extension of the deadline for filing annual GST returns for fiscal year 21 until February 28

The government has also extended by two months until February 28 the deadline for businesses to file annual GST returns for the 2020-21 fiscal year ending in March 2021. The GSTR-9C for the 2020-21 fiscal year was extended from 12.31.2021 to 02.28.2022, “the Central Council for Indirect Taxes and Customs (CBIC) said in a late-night tweet on Wednesday, December 29.

GSTR 9 is an annual return to be filed each year by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outgoing and incoming supplies made or received under different heads of taxation. GSTR-9C is a reconciliation statement between GSTR-9 and the annual audited financial statements.

The provision of the annual declaration is only mandatory for taxpayers whose overall annual turnover is greater than Rs 2 crore, while a reconciliation statement should only be provided by registered persons with a turnover of overall business greater than Rs 5 crore.

iii) RBI Extension on Periodic KYC Update for Restricted Entities

The Reserve Bank of India on Thursday extended the deadline for mandatory updating of KYC requirements periodically by three months until March 31, 2022. The central bank said the easing had been granted in view of the pandemic of Covid-19 in progress. “In view of the uncertainty that prevails due to the new variant of Covid 19, the relaxation provided for in the aforementioned circular is extended until March 31, 2022”, the RBI said in a notification while referring to its previous circular which required bank customers to update their KYC information before December 31 of this year. The bank’s customers were required to update their KYC information before that date for unrestricted deposit or withdrawal from their accounts.

(With PTI inputs)

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