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The entire world is facing a tough time coping with the noble Covid-19 virus. With governments taking several safety measures to curb the massive spread of the virus, businesses are adjusting to the evolving needs. Navigating their financial and operational challenges, several businesses are trying their best to cater to the needs of their employees, customers and stakeholders to minimise the damage caused by this pandemic. In order to make the lives of business owners a tad easier, the Indian government has taken several measures, including some relaxation to file GST returns.
Here are the revisions and waivers which would definitely help businesses to minimise the covid-19 damage.
Illustration: Calculation of interest and late fees 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:
Return | Turnover Preceeding FY | Tax Period | Rate of Interest | Late Fees | Return Filing Date | Remark |
GSTR 3B | >5Cr | Feb-20 | NIL | NIL | By 04/04/2020 | |
9% | NIL | From 05/04/2020 to 24/06/2020 | Interest applicable from 05/04/2020 | |||
18% | Rs. 20 / 50 (CGST+SGST) | After 24/06/2020 | Interest and late fees applicable from 20/03/2020 | |||
GSTR 3B | >5 Cr | Mar-20 | NIL | NIL | By 05/05/2020 | |
9% | NIL | From 05/05/2020 to 24/06/2020 | Interest applicable from 05/05/2020 | |||
18% | Rs. 20 / 50 (CGST+SGST) | After 24/06/2020 | Interest and late fees applicable from 20/04/2020 | |||
GSTR 3B | >5 Cr | Apr-20 | NIL | NIL | By 04/06/2020 | |
9% | NIL | From 04/06/2020 to 24/06/2020 | Interest applicable from 04/06/2020 | |||
18% | Rs. 20 / 50 (CGST+SGST) | After 24/06/2020 | Interest and late fees applicable from 20/05/2020 | |||
GSTR 3B | > 1.5 CR TO <=5 C | Feb-20 | NIL | NIL | By 29/06/2020 | |
18% | Rs. 20 / 50 (CGST+SGST) | After 29/06/2020 | Interest and late fees applicable from 20/03/2020 | |||
GSTR 3B | > 1.5 CR TO <=5 C | Mar-20 | NIL | NIL | By 29/06/2020 | |
18% | Rs. 20 / 50 (CGST+SGST) | After 29/06/2020 | Interest and late fees applicable from 20/04/2020 | |||
GSTR 3B | > 1.5 CR TO <=5 C | Apr-20 | NIL | NIL | By 30/06/2020 | |
18% | Rs. 20 / 50 (CGST+SGST) | After 30/06/2020 | Interest and late fees applicable from 20/05/2020 | |||
GSTR 3B | <=1.5 CR | Feb-20 | NIL | NIL | By 30/06/2020 | |
18% | Rs. 20 / 50 (CGST+SGST) | After 30/06/2020 | Interest and late fees applicable from 30/06/2020 | |||
GSTR 3B | <=1.5 CR | Mar-20 | NIL | NIL | By 03/07/2020 | |
18% | Rs. 20 / 50 (CGST+SGST) | After 03/07/2020 | Interest and late fees applicable from 03/07/2020 | |||
GSTR 3B | <=1.5 CR | Apr-20 | NIL | NIL | By 06/07/2020 | |
18% | Rs. 20 / 50 (CGST+SGST) | After 06/07/2020 | Interest and late fees applicable from 06/07/2020 | |||
GSTR 1 | NA | Mar-20 | NA | NIL | By 30/06/2020 | |
Rs. 20 / 50 (CGST+SGST) | After 30/06/2020 | Late fees applicable from 30/06/2020 | ||||
GSTR 1 | NA | Apr-20 | NA | NIL | By 30/06/2020 | |
Rs. 20 / 50 (CGST+SGST) | After 30/06/2020 | Late fees applicable from 30/06/2020 | ||||
GSTR 1 | NA | May-20 | NA | NIL | By 30/06/2020 | |
Rs. 20 / 50 (CGST+SGST) | After 30/06/2020 |
Late fees applicable from 30/06/2020 |
SI No. | Date of Filing GSTR 3B | No. of days of delay | Whether condition for reduced interest is fulfilled | Interest and Late Fees |
1 | 02.05.2020 | 11 | Yes | Zero interest and late fees |
2 | 20.05.2020 | 30 | Yes | Zero late fees + zero interest for 15 days + interest rate @9% p.a. for 15 days |
3 | 20.06.2020 | 61 | Yes | Zero late fees + interest for 15 days + interest rate @9% p.a. for 46 days |
4 | 24.06.2020 | 65 | Yes | Zero late fees + interest for 15 days + interest rate @9% p.a. for 50 days |
5 | 30.06.2020 | 71 | NO | Full late fees and Interest rate @18% p.a. for 71 days (i.e. no benefit of reduced interest |
Illustration: Calculation of interest and late fees for delayed filing of return for the month of April 2020 (due date of filing being 11.05.2020) may be illustrated
Sl. No. | Date of filing GSTR 1 | No. of days of delay | Whether condition for waiver of late fees fulfilled | Late fees |
1 | 02-May | 0 | Yes | Zero late fees |
2 | 20-May | 9 | Yes | Zero late fees |
3 | 20-Jun | 40 | Yes | Zero late fees |
4 | 05-Jul | 55 | No | Late fees for 55 days @ Rs 20 per day (NIL taxpayers) and Rs 50 per day (others) |
Period | Return | Nature of return | Earlier due date | Extended due date |
Jan to Mar-20 | GST CMP-08 | Quarterly statement | 18-04-2020 | 07-07-2020 |
Apr-19 to Mar-20 | GSTR-4 | Annual Statement | 30-04-2020 | 15-07-2020 |
FY 2020-2021 | GST CMP-02 | Intimation to opt for Composition Scheme | On or before 31/03/2020 | 30-06-2020 |
GST ITC-03 | Reversal of ITC in stock | On or before 31/05/2020 | 31-07-2020 |
Period | ITC as per GSTR 2A | ITC as per Books | ITC allowed as per GSTR 3B |
Feb-20 | 110 | 100 | 100 |
Mar-20 | 140 | 180 | 180 |
Apr-20 | 170 | 200 | 200 |
May-20 | 200 | 250 | 250 |
Jun-20 | 240 | 200 | 200 |
Jul-20 | 140 | 210 | 210 |
Aug-20 | 170 | 160 | 160 |
Sep-20 | 230 | 280 | 240 (Note - 1) |
Total | 1400 | 1580 | 1540 |
Note 1:
Particulars | SI No. | Amount |
ITC as per GSTR 2A for Feb - Sept 2020 | A | 1400 |
110% of the eligible ITC for Feb - Sept 2020 | B | 1540 |
ITC taken in GSTR 3B from Feb - Aug 2020 | C | 1300 |
Maximum ITC allowed to be taken in Sept 2020 | D - B - C | 240 |
ITC as per Books in GSTR 3B in Sept 2020 | E | 280 |
ITC to be availed in Sept 2020 | F = min (D, E) | 240 |
Where the time limit of any of the following actions fall between 20th March 2020 to 29th June 2020, the due date of the same would get extended to 30th June 2020:
➢ Due date for completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action by any authority, commission or tribunal, under the provisions of the Acts
➢ Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the Acts stated above;
The above extension includes but is not limited to:
E-way bill expiring during |
Extended upto |
March 20th 2020- April 15th 2020 |
April 30th, 2020 |
Form | Description | Class of taxpayers | Period | Due date |
GSTR 3B | Monthly return | Taxpayers having an aggregate turnover of Rs 5cr in previous FY | May-20 | 27-Jun |
GSTR 3B | Monthly return | Note -1 | May-20 | 12-Jul |
GSTR 3B | Monthly return | Note -2 | May-20 | 14-Jul |
GSTR 5 | Return for non-resident taxable person | All taxpayers | March 2020 to May 2020 | 30-Jun |
GSTR 6 | Return for ISD | All taxpayers | March 2020 to May 2020 | 30-Jun |
GSTR 7 | Return for TDS | All taxpayers | March 2020 to May 2020 | 30-Jun |
GSTR 8 | Returns to TCS | All taxpayers | March 2020 to May 2020 | 30-Jun |
Note 1: Taxpayers having an aggregate turnover of less than Rs. 5 cr in the previous FY and having their principal place of business in the states of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
Note 2: Taxpayers having an aggregate turnover of less than Rs. 5 cr in the previous FY and having their principal place of business in the states of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi.
Information courtesy: S.Khaitan and Associates
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