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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....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 Assam Goods and Services Tax Act, 2017 (hereinafter referred to as "the Assam GST Act"), Government has announced various relief measures relating to statutory and regulatory compliance matters across sectors. 2. CBIC has issued following notifications in order to provide relief to the taxpayers and State notifications are being issued corresponding to the Central notifications : Sl. No. Notification Remarks 1. Notification No. 30/2020-Central Tax, dated April 3, 2020 Amendment in the rules is being made so as to allow taxpayers opting for the Composition Scheme fo....
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....t March 2020 if the same are furnished on or before 30th day of June, 2020. 5. Notification No. 34/2020-Central Tax, dated April 3, 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 April 3, 2020 Notification under section 168A of the GST Act for extending due date of compliance which falls during the period from the 20th day of March, 2020 to the 29th day of June, 2020 to 30th day of June, 2020. 3. Various issues relating to above mentioned ....
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....-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 referred in Sl. No. (2) in para 2 above, NIL rate of interest for first 15 days after the due date of filing return in Form GSTR-3B and reduced rate of interest at nine per cent. thereafter has been notified for those registered persons whose aggregate turnover in the preceding financial year is above Rs. 5 crore. For those registered persons having turnover up to Rs. 5 crore in the preceding financial year, Nil rate of interest has also been notified. 3. Further, vide notification as referred in Sl. No. (3) in para 2 above, Government has waived the late fees for delay in f....
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....ve Rs. 5 crore ? 1. As explained above, the rate of interest has been notified as nil for first 15 days from the due date, and nine 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 April 20, 2020) may be illustrated as per the below Table : 1. 2.5.2020 11 Yes Zero interest 2. 20.5.2020 30 Yes Zero interest for 15 days + interest rate at nine per cent. p.a. for 15 days 3. 20.6.2020 61 Yes Zero interest for 15 days + interest rate at nine per cent. p.a. for 46 days 4. 24.6.2020 65 Yes Zero interest for 15 days + interest rate at nine per cent. p.....
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....ved 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 GST Rules would apply during the lockdown period ? Vide notification as referred in Sl. No. (1) in para 2 above, a proviso has been inserted in GST 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 August, 2020, but that the said condition shall apply cumulatively for the said period and....