TMI BlogGST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreakX X X X Extracts X X X X X X X X Extracts X X X X ..... GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak - By: - Mr. Ashwarya Agarwal - Goods and Services Tax - GST - Dated:- 26-3-2020 - - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No Extension Reduced rate of interest @9 % per annum from 15 days after due date February 20 4 th April 2020 Filing after this date shall attract interest @ 9% till 30 th June 2020 . After that 18% with late fee Penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... March 20 5 th May 2020 April 20 4 th June 2020 Turnover less than 5 Crore February 20 Last week of June 20 without Interest, Late fee and Penalty March 20 April 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liance 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. - Reply By GB Rao as = Dear sir, Nicely explained the changes. However, I am not able to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... understand the wordings 'NO EXTENSION' shown under the heading Turnover 5 Crore and above. Pl.clarify. Dated: 26-3-2020 Reply By Ashwarya Agarwal as = 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 1s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 15 days of delay and thereafter interest @ 9%. Dated: 26-3-2020 Reply By GB Rao as = Dear sir, Thank u sir for your clarification. Understood now. Dated: 27-3-2020 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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