GST Updates that have been introduced between 24th March 2020 to 6th May 2020

Background :

In lieu of the impact of Covid 19 on the economy of India, the Ministry of Finance has issued various notifications during the past few weeks, to ease the deadlines in filing of various forms and returns, interest payable for payments made after the due date and also to ease the late fees payable under the GST Act. I have made a attempt to give my readers a glimpse of all such changes through this article 

Notification No.30/2020 : Taxpayers opting for Composition Scheme for FY 20-21:

Taxpayer opting for composition scheme for FY 2020-21 can file their option in FORM CMP-02 till 30th June 2020 and shall furnish the statement in FORM GST ITC-03 upto 31st July 2020.

Further, Rule 36(4) (i.e. ITC of eligible purchases) for the period of Feb 2020 to Aug 2020 can be cumulatively applied in the return for tax period of September 2020.

Notification No.31/2020 : Interest payable :

Interest    will    be    levied    in    Form GSTR3B as follows:

If Turnover is above INR 5 crores :

1.   Nil rate of interest for first 15 days after due date.

2.  Reduced 9% interest thereafter if return for Feb'20 to Apr'20 is filed on or before 24th June'20.

If Turnover is above INR 1.5 crore but up to 5 crores :

1.  Nil rate of interest for the period Feb'20 to March'20 if return filed on or before 29th June'20.

2.  Nil rate of interest for the period of April 2020 if return filed on or before 30th June 2020.

If the Turnover is below INR 1.5 crores :

1.  Nil rate of interest for the period of Feb   2020 if return filed on or before 30th June 2020

2.  Nil rate of interest for the period of May  2020 if return filed on or before   3rd July 2020.

3.  Nil rate of interest for the period of April 2020 if return filed on or before   6th July 2020.

Notification No.32/2020 : Lates Fees for delay in filing GSTR 3B: 

If Turnover is above INR 5 crores :

1. No late fees if return for the  period Feb 2020 to Apr 2020 is filed on or before 24th June 2020.

If Turnover is above INR 1.5 crore but up to 5 crores :

1.  No late fees if return or the period Feb 2020 to March 2020 is filed on or before 29th June 2020.

2.  No late fees if return for the tax period April 2020 is filed on or before 30th June 2020.

If the Turnover is below INR 1.5 crores :

1.  Nil rate of interest for the period of Feb   2020 if return filed on or before 30th June 2020

2.  Nil rate of interest for the period of March 2020 if return filed on or before   3rd July 2020.

2.  Nil rate of interest for the period of April  2020 if return filed on or before   6th July 2020.

Notification No.33/2020 : Lates fees for delay in filing GSTR 1 :

Late fees will not be levied for delay in furnishing GSTR1 return for the period March 2020 to May 2020 and quarter ending on 31st March 2020 if return is filed before 30th June 2020.

Notification No.34/2020 : Extension in due date for payment of self-assessed tax :

Extension in due date for payment of self-assessed tax in Form GST CMP-08 for quarter ending 31st March 2020 till 7th July 2020.

Extension in due date of Form GSTR-4 for F.Y. ending on 31st March 2020 till 15th July 2020.

Notification No.35/2020 :Extension in due date of compliances :

Extension in due date of all compliances pending with authorities which falls during period 20th March 2020 to 29th June 2020 till 30th June 2020.

However, such extension will not apply to certain provisions as stated in the said notification which are: 

a)  Chapter IV Time and value of supply

b)  Procedure for registration

c)   Special provisions relating to casual taxable person and non-  resident person

d)  Tax Invoice

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