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

Ashwarya Agarwal
Finance Minister Announces GST Relief: Reduced Interest, Extended Deadlines for Small Businesses Amid COVID-19 In response to the COVID-19 outbreak, the Finance Minister announced GST-related measures on March 24, 2020. For businesses with a turnover of 5 crore and above, there is no extension for GSTR 3B filing, but a reduced interest rate of 9% per annum applies after 15 days post-due date. For turnovers below 5 crore, filings for February to April 2020 can be done by the last week of June 2020 without interest, late fees, or penalties. The deadline for opting into the composition scheme and related payments is extended to the last week of June 2020. Compliance deadlines expiring between March 20 and June 29, 2020, are extended to June 30, 2020. (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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