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 on Acrylic card holder

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:

  • February 2020
  • March 2020
  • April to November 2020
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:

  • passing order
  • issuance of notice, intimation, notification, sanction or approval
  • completion of proceedings
  • any other action
  • filing of appeal, reply, application
  • furnishing of reports, document, return, statement or any such record
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.

Author Bio

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CS Deepak Seth is an Associate Member of Institute of Companies Secretaries of India having good experience in legal and secretarial matters. He is graduate from Delhi University and Post graduate from IGNOU University. He is also MBA in Finance and LLB Deree holder. He possesses professional experi View Full Profile

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