Table of Contents
Latest Tax Amendment & Changes Updates -2020
DUE DATES OF GST RETURNS -2020
| ST Return Form Name | Filing Period | Due Dates in June 2020 |
|---|---|---|
| GSTR 7 | Monthly (March 2020 to May 2020) | 30th June |
| GSTR 8 | Monthly (March 2020 to May 2020) | 30th June |
| GSTR 1 (T.O. more than 1.5 Crore) | Monthly (March 2020 to May 2020) | 30th June |
| GSTR 1 (T.O. up to 1.5 Crore) | Quarterly | 30th June |
| GSTR 6 | Monthly (March 2020 to May 2020 ) | 30th June |
| GSTR 3B | Annual Turnover of more than INR 5 Cr in Previous FY – February to April 2020 | 24th June |
| GSTR 3B | Annual Turnover of more than INR 1.5 Cr to upto INR 5cr in Previous FY – February to March 2020 | 29th June |
| GSTR 3B | Annual Turnover of upto INR 1.5 Cr in Previous FY – February 2020 | 30th June |
| GSTR 5 | Monthly (February 2020 to May 2020) | 30th June |
| GSTR 5A | Monthly (February 2020 to May 2020) | 30th June |
GSTR 1 Due Dates (T.O. up to INR 1.5 Crore)
| Period (Quarterly) | Last Dates |
|---|---|
| January – March 2020 | 30th June 2020 |
| October – December 2019 | 31st January 2020 |
| July – September 2019 | 31st October 2019 |
| April – June 2019 | 31st July 2019 |
GST Return 1 Due Date (T.O. More Than INR 1.5 Crore)
| Period (Monthly) | Last Dates |
|---|---|
| March-May 2020 | 30th June 2020 |
| February 2020 | 11th March 2020 |
| January 2020 | 11th February 2020 |
| December 2019 | 11th January 2020 |
| November 2019 | 11th December 2019 |
| October 2019 | 11th November 2019 |
| September 2019 | 11th October 2019 |
| August 2019 | 11th September 2019 |
| July 2019 | 11th August 2019 | Note: “The due date extended till 20th September 2019 for notified districts of Bihar, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Uttarakhand and also for registered persons whose principal place of business is in J&K.” Notification Here |
| June 2019 | 11th July 2019 |
| May 2019 | 11th June 2019 |
| April 2019 | 10th June 2019 for Odisha, Read Notification |
Latest Tax Amendment & Changes Updates -2020 GST Updates ?
? Companies can now file GSTR-1 and GSTR-3B through EVC (Electronic verification code)
✔️ GSTR-1 – From 27th May to 30th September 20
✔️ GSTR-3B – From 21st April to 30th September 20
Source : Notification No. 48/2020 dated 19th June 20
Exclusive & Official Live 40th GST Council Meeting Updates
1️⃣ For all those who have no tax liability but have not filed GST returns for tax period July 2017 – Jan 2020 (prior to #COVID19 period), there shall be no late fee at all
2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 – Jan 2020 has been capped to ₹ 500
This will apply to all returns submitted during Jul 1, 2020 – Sep 30, 2020
3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%
4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020
5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020
In all cases where registration has been cancelled till June 12, 2020
- All TDS n TCS rates reduced by 25% for Non Salaried Resident payments
- All refunds to be issued immediately
- Income tax returns due date extended to 30-11-2020
- Tax Audit due date extended to 31-10-2020
- All Assessments getting barred on 30-9-2020 extended to 31-12-2020
- All Assessments getting barred on 31-3-2021 extended to 30-9-2021
- Vivad Se Vishwas Scheme extended to 31-12-2020 without any additional payments
M Nirmala Sitharaman Announcements on Compliances (24.03.2020):
1. INCOME TAX
– Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020
– Interest Rate delayed payment reduced from 12% to 9%
– Delayed deposit of TDS interest rate 9% till 30.06.2020
2. Due date extended to 30.06.2020
– Aadhar- Pan Linking
– Vivad se Vishwas Scheme
– Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June
3. GST
– Last date of March, April and May of GST Return filing extended to 30.06.2020
– Companies less than 5 Crore : No late fees, interest, penalty
– Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9%
– Composition Scheme Option avail upto 30.06.20
4. Customs and Central Excise
– Sabka Vishwas extended to 30.06.2020
– Customs Clearance will work 24*7 upto 30.06.2020
5. MCA
– Board meeting holding relaxed for 60 days for next 2 Quarters
– CARO Applicability postponed to FY 2020-21
– No violation even if Independent Director held no meeting
– Newly incorporated company – Commencement of business certificate : additional 6 months
– Resident Director requirement not violation
– Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020
6. IBC
– Default threshold increased from Rs. 1 lakh to Rs. 1 crore
– Section 7, 9, 10 may be suspended for 6 months.
