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In continuation of the relaxations offered by the government vis-a-vis payment & filing taxes, the revenue departments released a series of notifications. Our latest blog summarises these changes


GSTR-3B & Payment of GST

Notification 31/2020 – Central Tax & Notification 32/2020 – Central Tax

  • The new norms relax the payment and filing of returns for taxpayers with turnover upto Rs. 5 Crores in the preceding financial year. No interest and late fee shall be charged if the prescribed conditions are satisfied.
  • Taxpayers with turnover more than Rs. 5 Crores too can enjoy the benefit of nil or reduced interest, and waiver of late fee as well.

The due dates for filing filing GSTR-3B and payment are as follows

Turnover of the taxpayers in the preceeding financial year Feb 2020 Mar 2020 Apr 2020
More than Rs. 5 Crores
    NIL interest for first 15 days from original due date and 9% thereafter Pay GST & file GSTR-3B by 24-Jun-20 Pay GST & file GSTR-3B by 24-Jun-20 Pay GST & file GSTR-3B by 24-Jun-20
Between Rs. 1.5Cr – Rs. 5Cr
    NIL interest Pay GST & file GSTR-3B by 29-Jun-20 Pay GST & file GSTR-3B by 29-Jun-20 Pay GST & file GSTR-3B by 30-Jun-20
Less than Rs. 1.5Cr
    NIL interest Pay GST & file GSTR-3B by 30-Jun-20 Pay GST & file GSTR-3B by 3-Jul-20 Pay GST & file GSTR-3B by 6-Jul-20

Please note that delay in filing GSTR-3B beyond the due dates referred to above (for each category of taxpayer, e.g. 24th Jun for those with turnover more than Rs. 5 Cr) shall lead to interest at the original rate of 18% from the original due date of payment of taxes, i.e. 20 days from the end of the relevant month.

Further, no late filing fee shall be levied so long as GSTR-3B is filed within the due dates referred to above. Late fee as usual shall be levied from the original due date in case of any delay in filing GSTR-3B beyond the dates referred to above.

 

Filing GSTR-1

Notification 33/2020 – Central Tax

No late fee shall be charged on delays in filing GSTR-1 provided that the filing for the period Mar’20 to May’20 has been completed before 30-Jun-20.

Relaxation to claim Input Tax Credit (ITC) in excess of 110% of ITC reflecting in 2A

Notification 30/2020 – Central Tax

As per Rule 36(4) of the CGST Rules, the total amount of ITC that a registered person is eligible to take in respect of those invoices or debit notes, which are not reflecting in 2A cannot exceed 10% of the value of the ITC reflecting in 2A.

However, the Govt. has, by way of Notification 30/2020 – Central tax, rendered the applicability of the above condition cumulative for the period February to August 2020 (both inclusive) and the GSTR-3B for September 2020 shall be furnished with the cumulative adjustment of ITC for the said months in accordance with above condition.

 

Reduced interest on belated payment of TDS & relaxation in filing e-TDS returns

Interest rate for belated payments in case of due dates for TDS remittances falling between 20th March and 29th of June 2020 has been reduced to 0.75% per month from the earlier rate of 1.5% per month, provided the TDS is remitted before the 30th of June 2020.

The due date for filing the e-tds returns for Q4 of FY 19-20 has been extended to 30th of June 2020.


In case of any questions, please do not hesitate to reach out to us on ankush@bclindia.in or pavan@bclindia.in. We would be glad to be of your assistance.

GST Circulars

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