TaxTMI 
TaxTMI 
Clarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19)
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....e taxpayers in view of spread of Novel Corona Virus (COVID-19) -Reg. The spread of Novel Corona Virus (COVID-19) across many countries of the world, including India, has caused immense loss to the lives of people and resultantly impacted the trade and industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the "CGST Act"), Government has announced various relief measures relating to statutory and regulatory compliance matters across sectors. 2. Government has issued following notifications in order to provide relief to the taxpayers: S. No. Notification Remarks 1. Notificati....
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....f outward supplies in FORM GSTR-1 for taxpayers for the tax periods March, 2020 to May, 2020 and for quarter ending 31st March 2020 if the same are furnished on or before 30th day of June, 2020. 5. Notification No. 34/2020- Central Tax, dated 03.04.2020 Extension of due date of furnishing statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 for the quarter ending 31st March, 2020 till the 7th day of July, 2020 and filing FORM GSTR-4 for the financial year ending 31st March, 2020 till the 15th day of July, 2020. 6. Notification No. 35/2020- Central Tax, dated 03.04.2020 Notification under section 168A of CGST Act for extending due date of compliance which falls during the period from the 20th day of Marc....
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....ishing FORM GSTR-3B for the months of February, March and April, 2020 has not been extended through any of the notifications referred in para 2 above. 2. However, as per notification No. 31/2020- Central Tax, dated 03.04.2020, NIL rate of interest for first 15 days after the due date of filing return in FORM GSTR-3B and reduced rate of interest @ 9% thereafter has been notified for those registered persons whose aggregate turnover in the preceding financial year is above ₹ 5 Crore. For those registered persons having turnover up to ₹ 5 Crore in the preceding financial year, NIL rate of interest has also been notified. 3. Further, vide notification as per the notification No. 32/2020- Central Tax, dated 03.04.2020, Government h....
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....ing financial year is above ₹ 5 Crore? 1. As explained above, the rate of interest has been notified as Nil for first 15 days from the due date, and 9 per cent per annum thereafter, for the said months. The same can be explained through an illustration. Illustration:- Calculation of interest for delayed filing of return for the month of March, 2020 (due date of filing being 20.04.2020) may be illustrated as per the below Table : S. No. Date of filing GSTR-3B No. of days of delay Whether condition for reduced interest is fulfilled? Interest 1 02.05.2020 11 Yes Zero interest 2 20.05.2020 30 Yes Zero interest for 15 days + interest rate @9% p.a. for 15 days 3 20.06.2020 61 Yes Zero interest for 15 days + i....
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..... 33/2020- Central Tax, dated 03.04.2020, late fee leviable under section 47 has been waived for delay in furnishing the statement of outward supplies in FORM GSTR-1 under Section 37, for the tax periods March, 2020, April 2020, May, 2020 and quarter ending 31st March 2020 if the same are furnished on or before the 30th day of June, 2020. 7. Whether restriction under rule 36(4) of the CGST Rules would apply during the lockdown period? Vide notification No. 30/2020- Central Tax, dated 03.04.2020, a proviso has been inserted in CGST Rules 2017 to provide that the said condition shall not apply to input tax credit availed by the registered persons in the returns in FORM GSTR-3B for the months of February, March, April, May, June, July and A....