Article compiles due date of filing of Form GSTR 3B, GSTR 1 , GST CMP – 08, GSTR 4, TDS Return and TDS Payment which falls in June 2020. Article explains rate of interest payable for delayed payment of GST.
> Goods and Services Tax
1. GSTR 3B – Normal Tax Payer
|Tax Period||Actual Due Date||Extension – Waive late Fees**||Interest Liability if Tax paid on or before*|
|AGGREGATE TURN OVER > 5 Cr. in Preceding Year||0%||9%||18%|
|Feb, 2020||20.03.2020||24.06.2020||04.04.2020||24.06.2020||Beyond 24.06.20|
|March, 2020||20.04.2020||24.06.2020||05.05.2020||24.06.2020||Beyond 24.06.20|
|April, 2020||20.05.2020||24.06.2020||04.06.2020||24.06.2020||Beyond 24.06.20|
|AGGRT. TURN OVER BETWEEN 1.5 TO 5 Cr.||0%||N.A||18%|
|Feb, 2020||20.03.2020||29.06.2020||29.06.2020||N.A||Beyond 29.06.2020|
|March, 2020||20.04.2020||29.06.2020||29.06.2020||N.A||Beyond 29.06.2020|
|April, 2020||20.05.2020||30.06.2020||30.06.2020||N.A||Beyond 30.06.2020|
|AGGRT. TURN OVER BETWEEN UP TO 1.5 Cr.||0%||N.A||18%|
Note*:- If Tax is not Paid with in extended date then Interest shall be payable from Due Date as Specified Group 1 and 2 States.
Note**:- If filed Return on or before date specified then Late Fees shall be Waived.
2. GSTR 1 – Normal Tax Payer
|Tax Period||Actual Due Date||Extension – Waive Late Fees|
3. Composition Tax Payer
|Jan to March 2020||GST CMP – 08||07.07.2020|
|F.Y 2019-20||GSTR 4||15.07.2020|
> Income Tax
|Tax Period||Due Date||Extension|
|Jan to March 2020 – Qtr 4|
|For March AND April 2020||Payment 30.04.2020/07.05.2020||No Change|
*Note:- Interest for the period in case of delay from 01.05.2020 to 30.06.2020 – Rate 0.75%
Points for Noting:-
– The last date to file ITRs for FY 2018-19 extended to 30th June 2020 instead of 31st March 2020. For delayed payments of tax made till 30th June 2020, penal interest reduced from 12% to 9%.
– The Vivad se Vishwas scheme has also been extended to 31st Dec, 2020.
– Reduction in TDS Rate applicable from 14.05.2020 to 31.03.2021. (https://taxguru.in/income-tax/tds-tcs-rate-chart-fy-2020-21-pre-post-14th-2020.html)
– Advance Tax for the 1st Qtr of Y 2020-21 due on 15.06.2020
If not paid with in date then interest for delayed period of 16.06.2020 to 30.06.2020 shall charge with lower rate of .75%.
Reach to Ordinance:-