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GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak

Ashwarya Agarwal
GST filing deadlines adjusted with limited interest relief for large taxpayers followed by increased interest after initial period. For larger taxpayers there is no extension of statutory GSTR-3B due dates but a concessionary interest regime applies: no interest for the initial fifteen-day delay, followed by a reduced interest rate until a specified date, after which standard higher interest with late fee and penalty will apply. Smaller taxpayers may file certain monthly returns without interest, late fee or penalty until the last week of June, and composition scheme opt-in, payment and filing deadlines for composition dealers are similarly extended; formal circulars and legislative amendments will effect these measures. (AI Summary)

GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak:

GSTR 3B filing due date

Turnover 5 Crore and above

 

  • No Extension
  • Reduced rate of interest @9 % per annum from  15 days after due date

February’20

4th April 2020

Filing after this date shall attract interest @ 9% till 30th June 2020.

 

After that 18% with late fee & Penalty

 

March’20

5th May 2020

April’20

4th June 2020

Turnover less than 5 Crore

February’20

Last week of June 20 without Interest, Late fee and Penalty

March’20

April’20

Composition Scheme

Date for opting for composition scheme is extended till the last week of   June, 2020.  Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020. 

General Extension

Time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020. 

Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council.

Goods and Services Tax - GST
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Mr Rao on Mar 26, 2020

Dear sir,

Nicely explained the changes. However, I am not able to understand the wordings 'NO EXTENSION' shown under the heading Turnover 5 Crore and above. Pl.clarify.

Ashwarya Agarwal on Mar 26, 2020

Sir

Thanks for your appreciation.

As per the press announcement, they do not intend to make any extension of due date for assessee having t/o more than 5 crore. However they will provide a relief that no interest will be charged for 1st 15 days of delay and thereafter interest @ 9%.

Mr Rao on Mar 27, 2020

Dear sir,

Thank u sir for your clarification. Understood now.

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