The government announced some leeway for small and medium companies in the Goods and Services Tax (GST) framework during the GST council meeting. The relief came in the form of reduced penalties and interest for small and medium companies.
The government has announced relief by the way of waiver or reduced late fee and interest for delayed filings and payment of taxes by the dealers who have a turnover of less than Rs 5 crore. Tax experts say that many companies were unable to comply with the regulations and slapping them with interest and penalties was a double whammy for them.
The government also allowed tax credit on the corporate social responsibility, which many say would go a long way at a time when many companies are looking to spend more on Covid related relief work.
Compliance Requirement under Goods & Services Tax Act, (GST) 2017
GSTR 3B Due Dates for May 2020
A. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| Feb, 2020 | 20th March, 2020 | 4th April, 2020 | 5th April to 24th June, 2020 | 25th June, 2020 |
| March, 2020 | 20th April, 2020 | 5th May, 2020 | 6th May to 24th June, 2020 | 25th June, 2020 |
| April, 2020 | 20th May, 2020 | 4th June, 2020 | 5th June to 24th June, 2020 | 25th June, 2020 |
| May, 2020 | 27th June, 2020 (extended date for filing) | 27th June, 2020 | — | 28th June, 2020 |
B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| Feb, 2020 | 22nd March, 2020 | 30th June, 2020 | 1st July to 30th Sept., 2020 | 1st Oct., 2020 |
| March, 2020 | 22nd April, 2020 | 3rd July, 2020 | 4th July to 30th Sept., 2020 | 1st Oct., 2020 |
| April, 2020 | 22nd May, 2020 | 6th July, 2020 | 7th July to 30th Sept., 2020 | 1st Oct., 2020 |
| May, 2020 | 12th July, 2020 (extended date for filing) | 12th Sept., 2020 | 13th Sept to 30th Sept., 2020 | 1st Oct., 2020 |
| June, 2020 | 22nd July, 2020 | 23rd Sept., 2020 | 24th Sept to 30th Sept., 2020 | 1st Oct., 2020 |
| Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep | ||||
C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| Feb, 2020 | 24th March, 2020 | 30th June, 2020 | 1st July to 30th Sept., 2020 | 1st Oct., 2020 |
| March, 2020 | 24th April, 2020 | 5th July, 2020 | 6th July to 30th Sept., 2020 | 1st Oct., 2020 |
| April, 2020 | 24th May, 2020 | 9th July, 2020 | 10th July to 30th Sept., 2020 | 1st Oct., 2020 |
| May, 2020 | 14th July, 2020 (extended date for filing) | 15th Sept., 2020 | 16th Sept to 30th Sept., 2020 | 1st Oct., 2020 |
| June, 2020 | 24th July, 2020 | 25th Sept., 2020 | 26th Sept to 30th Sept., 2020 | 1st Oct., 2020 |
| Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi | ||||
D) Late Fee Relief to Normal Taxpayers filing Form GSTR-3B
i) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Late fees waived if return filed on or before |
| Feb, 2020 | 24th June, 2020 |
| March, 2020 | 24th June, 2020 |
| April, 2020 | 24th June, 2020 |
| May, 2020 | 27th June, 2020 (extended date for filing) |
ii) Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY
| Tax period | Late fees waived if return filed on or before (For Group A States)* | Late fees waived if return filed on or before (For Group B States)* |
| Feb, 2020 | 30th June, 2020 | 30th June, 2020 |
| March, 2020 | 03rd July, 2020 | 05th July, 2020 |
| April, 2020 | 06th July, 2020 | 09th July, 2020 |
| May, 2020 | 12th Sept., 2020 | 15th Sept., 2020 |
| June, 2020 | 23rd Sept., 2020 | 25th Sept., 2020 |
| July, 2020 | 27th Sept., 2020 | 29th Sept., 2020 |
| States | Group A- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep | Group B- Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi |
Kindly note:
Taxpayers who are yet to file Form GSTR-3B for any month(s) from July, 2017 till Jan., 2020, can now file Form GSTR-3B from 1st July, 2020 till 30th Sept., 2020, without any late fee, for those months in which they did not have any tax liability. However, for the months they had a tax liability, their late fee is capped at Rs 500 per return.
iii) Late Fee Relief to Normal Taxpayers filing Form GSTR-1:
| Tax period | Due Date | Waiver of late fee if return filed on or before |
| March 2020 | 11.04.2020 | 10.07.2020 |
| April 2020 | 11.05.2020 | 24.07.2020 |
| May 2020 | 11.06.2020 | 28.07.2020 |
| June, 2020 | 11.07.2020 | 05.08.2020 |
| Quarterly taxpayers Jan to March 2020 | 30.04.2020 | 17.07.2020 |
| Quarterly taxpayers April to June 2020 | 31.07.2020 | 03.08.2020 |
Kindly note:
If the Form GSTR-3B and Form GSTR-1 for the period mentioned in Tables above is not filed by the notified dates, late fee will become payable from the due dates for these returns.
E. Compliances for Composition taxpayers
| Form No. | Compliance Particulars | Due Date (New) |
| GST CMP-08 | Registered person availing the benefit provided under Notification 2/2019 – Central Tax (Rate) shall be required to furnish details of self-assessed tax in Form GST CMP-08 for quarter ending March 2020 | 07.07.2020 |
| GSTR-4 | The yearly return for 2019-20 shall be required to be filed in Form GSTR 4 by the above persons | 15.07.2020 |
F. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
(for the month of March, April, May, June & July 2020)
| Form No. | Compliance Particulars | Due Date | Due Date (New) |
|
GSTR -5 |
Non-Resident Taxpayers | 20th of succeeding month | 31.08.2020 |
|
GSTR -6 |
Input Service Distributors | 13th of succeeding month | 31.08.2020 |
|
GSTR -7 |
Tax Deductors at Source
(TDS deductors) |
10th of succeeding month | 31.08.2020 |
|
GSTR -8 |
Tax Collectors at Source (TCS collectors) | 10th of succeeding month | 31.08.2020 |
- Key UPDATE(s):
1. Filing NIL Form GSTR-3B through SMS on GST Portal
A taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it through online mode, on GST Portal. Taxpayer can file NIL Form GSTR-3B, through SMS for all GSTINs, for whom they are an Authorized Signatory, using same mobile number.
2. Relief in opting for Composition by Taxpayers, filing other Returns & EWB.
Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings. These are notified in Central Tax Notifications 30, 34 & 35/2020 dated 03.04.2020 & 47/2020 dated 09.06.2020 & 55/2020 dated 27.06.2020
- GST UPDATES AS ON 30.06.2020:
| Sl. No. | Notification(s) | Notification No. |
| 1.
|
Seeks to bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020 in order to bring amendment to Sections 2, 109, 168 & 172 of CGST Act w.e.f. 30.06.2020. | 49/2020- Central Tax ,dt. 24-06-2020 |
| 2. | Seeks to make seventh amendment (2020) to CGST Rules. | 50/2020- Central Tax ,dt. 24-06-2020 |
| 3. | Seeks to provide relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020. | 51/2020- Central Tax ,dt. 24-06-2020 |
| 4. | Seeks to provide onetime amnesty by lowering/waiving of late fees for non furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to July, 2020. | 52/2020- Central Tax ,dt. 24-06-2020 |
|
5. |
Seeks to provide relief by waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March, 2020 to June, 2020 for monthly filers and for quarters from January, 2020 to June, 2020 for quarterly filers | 53/2020- Central Tax ,dt. 24-06-2020 |
| 6 | Seeks to extend due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs. 5 crore. | 54/2020- Central Tax ,dt. 24-06-2020 |
| 7 | Seeks to amend notification no. 35/2020-Central Tax in order to extend due date of compliance which falls during the period from “20.03.2020 to 30.08.2020” till 31.08.2020. | 55/2020-Central Tax dated 27.06.2020 |
| 8 | Seeks to amend notification no. 46/2020-Central Tax in order to further extend period to pass order under Section 54(7) of CGST Act till 31.08.2020 or in some cases upto fifteen days thereafter. | 56/2020-Central Tax dated 27.06.2020 |
2. Compliance requirement under Income Tax act, 1961
| Applicable Laws/Acts | Compliance Particulars | Due Dates | Revised Due Dates |
| Income Tax Act, 1961 | Filing of original return for the Assessment Year 2019-20 u/s 139 (1) | 31-07-2020 | |
| Income Tax Act, 1961 | Filing of belated return for the Assessment Year 2019-20 u/s 139 (4) | 30-06-2020 | 31-07-2020 |
| Income Tax Act, 1961
|
Filing of revised return for the Assessment Year 2019-20 u/s 139 (5) | 30-06-2020 | 31-07-2020 |
| Income Tax Act, 1961 | TDS/ TCS Return for quarter ending 31.03.2020 (Q4 of F.Y. 2019-20) for Government Offices | 30-06-2020 | 15-07-2020 |
| Income Tax Act, 1961 | TDS/ TCS Return for 31.03.2020 (Q4 of F.Y. 2019-20) quarter | 30-06-2020 | 31-07-2020 |
| Income Tax Act, 1961 | Date of issuance of TDS certificate to employees in form 16A and other in form 16 | 15-07-2020 | 15-08-2020 |
| Income Tax Act, 1961 | Investments for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C, 80D, 80G etc. for the A.Y. 20-21 i.e. F.Y. 19-20 | 30-06-2020 | 31-07-2020 |
|
Income Tax Act, 1961 |
Investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB | 30-06-2020 | 30-09-2020 |
| Income Tax Act, 1961 | Furnishing of Form 24G by an office of the Government for the month of:
|
15-03-2020
30-04-2020 Within 15 days from the end of the month |
15-07-2020
15-07-2020 31-03-2020 |
| Income Tax Act, 1961 | New procedure for registration, approval or notification entities under u/s 10(23C), 12AA, 35 and 80G | 01.06.2020 | 01.10.2020 |
| Income Tax Act, 1961 | Form 24QB, 24QC and 24QD of February and March 2020 (Section 200 read with Rule 31A or Section 206C read with Rule 31AA) | 30-03-2020
30-04-2020 |
30-06-2020 |
| Income Tax Act, 1961 | Date of filing of declaration and payment of tax under VI VAD SE VISH WAS | 30-06-2020 | 31-12-2020 |
| Income Tax Act, 1961 | Due date for any of the following actions, except mentioned above, under the the Wealth-Tax Act, 1957, Income-tax Act, 1961, Prohibition of Benami Property Transactions Act, 1988, Chapter VII of Finance (No. 2) Act, 2004 (dealing with Securities Transaction Tax), Chapter VII of Finance Act, 2013 (dealing with Commodities Transaction Tax), Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Chapter VIII of Finance Act, 2016 (dealing with Equalisation Levy) and Direct Tax Vivad se Vishwas Act, 2020 by any Authority, Commission or Tribunal:
|
20-03-2020
to 31-12-2020 |
31-03-2021 |
- Important updates:
1. PAN-Aadhaar linking deadline FURTHER extended to beyond JUNE, 2020
The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020 and further extended to 31st March, 2021 due to COVID – 19 outbreak.
- Important Notifications:
|
Sl. No.
|
Particulars of the Notification(s) | File No. / Circular No. |
| 1. | The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1790 | Notification No. 32/2020/ F.No. 370142/17/2020-TPL |
| 2. | Central Government hereby notifies for the purposes of the said clause, ‘Greater Noida Industrial Development Authority’ (PAN AAALG0129L) – reg. | Notification No. 33/2020 F.No.300196/39/2018-ITA-I |
| 3. | the Central Government hereby notifies for the purposes of the said clause, ‘Maharashtra Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a commission established by the State Government of Maharashtra | [Notification. No. 34/2020/F.No.300196/53/2019-ITA-I |
| 4. | Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020) | [Notification No.35 /2020/ F. No. 370142/23/2020-TPL |
| 5. | the Central Government hereby notifies for the purposes of the said clause, ‘Real Estate Regulatory Authority’
as specified in the schedule to this notification |
Notification No. 36/2020, F. No. 300196/38/2017-ITA-I |
Source: https://www.incometaxindia.gov.in ; https://www.gst.gov.in
*****
Author – CS Deepak Seth (Associate Partner at Helpinghands Professionals LLP) and can be reached at contacthhpro@gmail.com or 9910248911.
Disclaimer: The contents of this article are for information purposes only and does not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.
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