Central Board of Indirect Taxes & Customs (CBIC) has issued various notifications on 3rd April 2020 to give effect to GST relief measures announced by Finance Minister on 24.03.2020.

The summary of the aforesaid amendments are attached.

LEGAL UPDATE – GST

1. Central Board of Indirect Taxes & Customs (CBIC) has issued various notifications to give effect to GST relief measures announced by Finance Minister on 03.2020. The summary of the aforesaid amendments is as under.

2. Per se, the due dates for furnishing FORM GSTR-3B & GSTR – 1 for the month of February, March and April, 2020 have not been

3. However,relief in the form of lower rate of interest / no interest & waiver of late fee will be available to specified persons, only if, due tax is paid by filing return in

FORM GSTR-3B by the date(s) specified here under: –

Sl.

No.

Class of Registered

Person based on Turnover

Tax Period for Relief Condition for availing benefit of Interest & Late Fees Rate of Interest Late Fees
1. 5 Crores Above in the preceding financial year February’2020 to April’2020 GSTR-3B is filed  on or before 24.06.2020
  • No interest to be levied for first 15 days from the due date of Return.
  • 9% to be levied thereafter from 16th day till  date of filing.
Waived off
 

 

2

 

Rs. 1.5 crores to Rs. 5 crores in the preceding financial year

February’2020 & March’2020 If GSTR-3B is filed on or before 29.06.2020 Nil Waived off
April’2020 If GSTR-3B is filed on or before 30.06.2020 Nil Waived off
 

 

 

3

Below 1.5 Cr. February’2020 If GSTR-3B is filed on or before 30.06.2020 Nil Waived off
March’2020 If GSTR-3B is filed on or before 03.07.2020 Nil Waived off
April’2020 If GSTR-3B is filed on or before 06.07.2020 Nil Waived off

4. Late fee for filing GSTR – 1 for the month of March’2020 to May’2020 and for certain class of registered persons for the quarter ending 31st March’2020 stands waived provided said details in FORM GSTR-1 is furnished before 30.06.2020.

5. Further, any time limit for completion or compliance of any action which has been specified in the CGST Act’2017 which falls during period between 20.03.2020 to 29.06.2020 & where completion or compliance of such action has not been made within such time as prescribed, then, the time limit for completion or compliance of such action, shall be extended upto 30.06.2020.

6. fore said extension of completion and compliance of any action would include filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record etc..

7. However, aforesaid extension of completion and compliance of any action w ould not include filing of returns, power to arrest under Section 69, leviability of penalty under Section 122 and generation of Eway Bill under Section 68 & its rules made there under.

8. In view of the aforesaid exclusion of Section 68 & its rules, b locking of e-way b ill to continue if returns not filed for two consecutive tax periods.

9. Validity period for the E – way bills expiring during the period 20.03.2020 to 15.04.2020 stands extended till 30.04.2020.

10. The due date for filing GSTR – 3B return for the month of May’2020 for taxpayers having an aggregate turnover of m ore than Rs. 5 crore in the previous financial year stands extended till 27.06.2020.

11. The due date for filing GSTR – 3B return for the month of May’2020 for taxpayers having an aggregate turnover u pto Rs. 5 crore in the previous financial year for the state of Chhattisgarh stands extended 12.07.2020.

12. Rule 36(4) amended to provide for cumulate comparison of ITC as per Books & GSTR – 2A for the tax period February’2020 to August’2020. No month wise comparison required for the aforesaid period. Cumulative adjustment in ITC for the aforesaid tax period to be done in GSTR – 3B of September’2020.

13. The time limit for opting in the Composition Scheme for the FY 2020-21 extended till 30.06.2020.

14. Due date of furnishing

F ORM GST CMP-08 (Composition dealers) for the quarter ending March’2020 extended till 07.07.2020 and filing F ORM GSTR-4

(Composition dealer return) for FY 2020-21 extended till 15.07.2020.

Disclaimer: The contents of this update are of general nature and should not be considered as legal advice.

Download Summary of GST Notifications announced due to Covid Outbreak

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Qualification: CA in Practice
Company: MIMANSA LAW OFFICES
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