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

[Mr. Ashwarya Agarwal]

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 31^st 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 20^th March 2020 to 29^th June 2020 shall be extended to 30^th June 2020. 

Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council.

Discussions to this article

[GB Rao]

Dear sir,

Nicely explained the changes. However, I am not able to understand the wordings 'NO EXTENSION' shown under the heading Turnover 5 Crore and above. Pl.clarify.

[Ashwarya Agarwal]

Sir

Thanks for your appreciation.

As per the press announcement, they do not intend to make any extension of due date for assessee having t/o more than 5 crore. However they will provide a relief that no interest will be charged for 1st 15 days of delay and thereafter interest @ 9%.

[GB Rao]

Dear sir,

Thank u sir for your clarification. Understood now.