Relaxation to statutory and regulatory compliance due to pandemic Corona-virus (COVID-19)

Entire word is facing pandemic corona-virus (COVID-19).  Maharashtra had the highest number of the corona-virus (COVID-19) cases as of April 3, 2020. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”), Government has announced various relief measures relating to statutory and regulatory compliance matters across all sectors vide Notification No. 30/2020-C. Tax, 31/2020-C. Tax, 32/2020-C. Tax, 33/2020-C. Tax, 34/2020-C. Tax, and 35/2020-C. Tax issued on 03rd April 2020. In this article we have tried to summarize those provisions.

1. For Payment of GST through FORM GSTR-3B– Please refer below table with Notification No. 31/2020 & 32/2020 – Central Tax issued on 03rd April 2020 with effect from 20th day of March, 2020.

Sl. No. Class of registered persons  

Late Fees

(32)

Rate of interest (31) Tax period Condition
(1) (2) (3) (4) (5) (6)
1 Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year No Late fees Nil for first 15 days from the due date, and 9 per cent thereafter February, 2020,      March 2020,       April, 2020 If     return   in FORM GSTR-3B is furnished on or before the 24th day of June, 2020
2 Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year No Late fees Nil February, 2020,     March,2020 If     return   in FORM GSTR-3B is furnished on or before the 29th day of June, 2020
April, 2020 If return in FORM GSTR-3B is furnished on or before the 30th day of June, 2020
3 Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year No Late fees Nil February, 2020 If     return   in FORM GSTR-3B is furnished on or before the 30th day of June, 2020
Math, 2020 If return in FORM GSTR-3B is furnished on or before the 3rd day of July, 2020
April, 2020 If return in FORM GSTR-3B is furnished on or before the 6th day of July, 2020.”.

2. Details of Outward Supply in FORM GSTR-1: As per Notification No. 33/2020-Central Tax; the amount of late fee payable under section 47 of the said Act shall stand waived for the months of March, 2020, April, 2020 and May, 2020, and for the quarter ending 31st March, 2020, for the registered persons who failed to furnish the details of outward supplies for the said periods in FORM GSTR-1 by the due date, but furnishes the said details in FORM GSTR-1, on or before the 30th day of June, 2020.

3. GST return for Taxpayers under Composition Scheme: Notification No. 34/2020- Central Tax, dated 03.04.2020 -Extension of due date of furnishing statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 for the quarter ending 31st March, 2020 till the 7th day of July, 2020 and filing FORM GSTR-4 for the financial year ending 31st March, 2020 till the 15th day of July, 2020.

4. Extension for various compliance under GST: Any time limit for completion or compliance of any action, by any authority or by any person, has been specified in, or prescribed or notified under the CGST, SGST and IGST Act, which falls during the period from the 20th day of March, 2020 to the 29th day of June, 2020, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action, shall be extended up to the 30th day of June, 2020. Notification No. 35/2020- Central Tax.

5. GST Composition Scheme for FY 2020-21 can be opted till 30.06.2020: Amendment in the CGST Rules so as to allow taxpayers opting for the Composition Scheme for the financial year 2020-21 to file their option in FORM CMP-02 till 30th June, 2020 and to allow cumulative application of the condition in rule 36(4) for the months of February, 2020 to August, 2020 in the return for tax period of September, 2020. Please refer Notification No. 30/2020- Central Tax.

Author Bio

Qualification: LL.B / Advocate
Company: A S Havaldar Advisors
Location: Mumbai, Maharashtra, IN
Member Since: 16 Mar 2020 | Total Posts: 4

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6 Comments

    1. akshay_h says:

      Thanks. Please let me know the turnover of your organization for previous year so that i can specifically answer your question.

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