Update on Goods and Service Tax (GST) |
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RELAXATION IN COMPLIANCES AMID COVID-19 OUTBREAK |
09APRIL 2020 |
Brief background
The Central Board of Indirect Taxes and Customs (CBIC) vide various Notification Nos. 30/2020 to 35/2020 dated 3rd April 2020has provided relief to tax payers due to spread of Novel Corona Virus.
Summary of Notifications
Particulars |
Description |
Due Date |
Extended Date |
REGULAR TAX PAYERS |
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Restriction on availment of Input Tax Credit |
Applicability of maximum allowance of credit in GSTR-3B vis-à-vis GSTR-2A (Period February 2020 to August 2020) |
Respective due dates of GSTR-3B |
Cumulatively extended till due date of September 2020 |
Reduction in Interest on Taxes & waiver of Late fees on filing of GSTR-3B if filed with in extended date |
Aggregate Turnover> INR 50 Million February 2020, March 2020 & April 2020
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Earlier on staggered manner from 20th-24th of next month depending upon states
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24.06.2020 |
INR 15 Million <Aggregate Turnover< INR 50 Million February & March 2020 April 2020
|
Earlier on staggered manner from 20th-24th of next month depending upon states |
29.06.2020 30.06.2020 |
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Aggregate Turnover< INR 15 Million February 2020 March 2020 April 2020
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Earlier on staggered manner from 20th-24th of next month depending upon states |
30.06.2020 03.07.2020 06.07.2020 |
Waiver of Late fee on filing of GSTR-1 if filed in extended date |
Monthly Filers March 2020 April 2020 May 2020
Quarter Filers January to March 2020 |
11.04.2020 11.05.2020 11.06.2020
31.05.2020 |
For all on or before 30.06.2020 |
COMPOSITION TAX PAYERS |
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Compliance for opting Composition Scheme |
Taxpayer to opt Composition Scheme (Form CMP-02) |
31.03.2020 |
30.06.2020 |
Such taxpayer to pay/reverse ITC claimed earlier (Form ITC-03) |
31.05.2020 |
31.07.2020 |
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Tax and Return filing |
Quarterly Statement of Taxes by Composition Dealer for January 2020 to March 2020 (Form CMP-08) |
18.04.2020 |
07.07.2020 |
Yearly Tax Return by Composition Dealer for FY 2019-20 (Form GSTR-4) |
30.04.2020 |
15.07.2020 |
For more information or suggestions please contact us at legal@corpcode.in