The entire world is reeling under severe pandemic, COVID 2019 or Corona virus and India too has been badly affected causing social disruption, economic shut down and health concerns. The economy is at a virtual standstill and entire nation is under lockdown since 25.3.2020 resulting in shutdown of all offices, shops, showrooms, factories and everything. All individuals are confined to their homes. This has resulted in inability to fulfill statutory obligations in relation to payment of taxes and filings, besides other corporate and other responsibilities.
Central Government has provided various relaxations on payment and in filing of returns which, inter alia include allowing delayed payment of taxes, lower or nil rate of interest, extension of due dates for payment of taxes and filing of returns etc.
The following tables provide the gist of relief / relaxation provided :
central Government has provided various relaxations on payment and in the filing of returns which, inter alia include allowing delayed payment of taxes, lower or nil rate of interest, an extension of due dates for payment of taxes and filing of returns etc.
The following tables provide the gist of relief/relaxation provided :
wdt_ID | Sno | Return | Turnover | Period | Regular Due date | Relief provide till | Interest | Late fee and penalty |
---|---|---|---|---|---|---|---|---|
Sno | Return | Turnover | Period | Regular Due date | Relief provide till | Interest | Late fee and penalty |
wdt_ID | Return | Turnover | Period | Regular due date | Relief Provided till | Interest | Late fees and penalty |
---|---|---|---|---|---|---|---|
Return | Turnover | Period | Regular due date | Relief Provided till | Interest | Late fees and penalty |
(Source :Notification No. 31/2020-CTand32/2020-CT dated 03.04.2020)
Following Illustration explains revised interest rate for taxpayers with aggregate turnover of more than Rs. 5 crores
wdt_ID | S.No | Due Date of filing or return | Date of filing or GSTR 3B | No. of days of Delay | Whether condition for reduce interest fulfilled | Interest |
---|---|---|---|---|---|---|
S.No | Due Date of filing or return | Date of filing or GSTR 3B | No. of days of Delay | Whether condition for reduce interest fulfilled | Interest |
(Source :Circular No. 136/6/2020 GST dated 3.4.2020)
wdt_ID | Due Dates | Turnover |
---|---|---|
Due Dates | Turnover |
D. Amendment in Rule 36(4) on ITC
Rule 36(4) of CGST Rules, 2017has been amended to the following effect:
Before amendment:
After amendment:
(Source : Notification No. 35/2020-CT dated 03.04.2020)
wdt_ID | Nature of Supply | Original Event | Document Issued | Trigger Event | Treatment under GST |
---|---|---|---|---|---|
Nature of Supply | Original Event | Document Issued | Trigger Event | Treatment under GST |
Deferment of filing of refund claim if expiring on 31.3.2020
As per notification No. 35/2020-Central Tax dated 3.4.2020, where the timeline for refund compliances falls during the period from 20.3.2020 to 29 6.2020, the same stand extended till 30.6.2020.
(Source :Circular No. 137/07/2020-GST dated 13.4.2020)
The time limit for furnishing of the annual return in Form 9 and Reconciliation Statement in Form 9Cspecified under section 44 of the said Act read with rule 80 of the said rules, electronically through the common portal, for the financial year 2018-2019 has been further extended till the 30.9.2020.
[Source: Notification No. 41/2020- Central Tax dated 5.5.2020]
Considering the difficulty faced by registered taxpayers in applying for DSC, CBIC has provided that a registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 21.4.2020 to the 30.6.2020, also be allowed to furnish the return under section 39 in FORM GSTR-3B verified through Electronic Verification Code (EVC) i.e one time password.
New Rule 67Aprovide for furnishing of NIL return by short messaging service (SMS) to registered person in FormGSTR-3B for a tax period by using the registered mobile number Nil return would mean a return under section 39 that has nil or no entry in all tables of Form-3B.
[Source: Notification No. 38/2020- Central Tax dated 05.05.2020]
The due date of filing Form GST-ITC-04 in respect of goods dispatched to a job worker or received from a job worker for the quarter ending March, 2020 which falls due on 25 4.2020 has been extended upto 30.6.2020.
Notification No. 35/2020-Central Tax dated 3.4.2020; Circular No. 138/08/2020-GST dated 06.05.2020)
The above relaxations/extensions may be kept in mind by the taxpayers for ensuring timely compliances within the relaxed norms / extended datelines.
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In Today’s world of COVID, basic necessities of a commoner have expanded from just-food, house, clothes to the protective measures and equipment. The GOI has issued various requests, notifications urging every citizen to help the government in fighting COVID collectively by various means, be it self-social distancing, donating, social works etc…………….