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TMI BlogClarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of novel corona virus (COVID-19)X X X X Extracts X X X X X X X X Extracts X X X X ..... following notifications in order to provide relief to the taxpayers and State notifications are being issued corresponding to the Central notifications : Sl. No. Notification Remarks 1. Notification No. 30/2020-Central Tax, dated April 3, 2020 Amendment in the rules is being made so as to allow taxpayers opting for the Composition Scheme for the financial year 2020-21 to file their option in Form CMP-02 till 30th June, 2020 and to allow cumulative application of the condition in rule 36(4) for the months of February, 2020 to August, 2020 in the return for tax period of September, 2020. 2. Notification No. 31/2020-Central Tax, dated April 3, 2020 A lower rate of interest of NIL for first 15 days after the due date of filing return in Form GSTR-3B and at nine per cent. thereafter is notified for those registered persons having aggregate turnover above Rs. 5 crore and Nil rate of interest is notified for those registered persons having aggregate turnover below Rs. 5 crore in the preceding financial year, for the ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tification No. 2/2019-Central Tax (Rate), dated the 7th March, 2019 and State Notification No. FTX. 56/2017/Pt-II/189, dated June 3, 2019? 1. The said class of taxpayers, as per the Notification as referred in Sl. No. (5) in para 2 above, have been allowed, to, (i) furnish the statement of details of payment of self-assessed tax in Form GST CMP-08 for the quarter January to March, 2020 by July 7, 2020 ; and (ii) furnish the return in Form GSTR-4 for the financial year 2019-20 by July 15, 2020. 2. In addition to the above, taxpayers opting for the composition scheme for the financial year 2020-21, have been allowed, as per the notification as referred in Sl. No. (I) in para 2 above, to, (i) file an intimation in Form GST CMP-02 by June 30, 2020 ; and (ii) furnish the statement in Form GST ITC-03 till July 31, 2020. 2. Whether due date of furnishing Form GSTR-3B for the months of February, March and April, 2020 has been extended ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... How to calculate the interest for late payment of tax for the months of February, March and April, 2020 for a registered person whose aggregate turnover in preceding financial year is above Rs. 5 crore ? 1. As explained above, the rate of interest has been notified as nil for first 15 days from the due date, and nine per cent. per annum thereafter, for the said months. The same can be explained through an illustration. Illustration : Calculation of interest for delayed filing of return for the month of March, 2020 (due date of filing being April 20, 2020) may be illustrated as per the below Table : 1. 2.5.2020 11 Yes Zero interest 2. 20.5.2020 30 Yes Zero interest for 15 days + interest rate at nine per cent. p.a. for 15 days 3. 20.6.2020 61 Yes Zero interest for 15 days + interest rate at nine per cent. p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vide notification as referred in Sl. No. (1) in para 2 above, a proviso has been inserted in GST Rules, 2017 to provide that the said condition shall not apply to input tax credit availed by the registered persons in the returns in Form GSTR-3B for the months of February, March, April, May, June, July and August, 2020, but that the said condition shall apply cumulatively for the said period and that the return in Form GSTR-3B for the tax period of September, 2020 shall be furnished with cumulative adjustment of input tax credit for the said months in accordance with the condition under rule 36(4). 8. What will be the status of e-way bills which have expired during the lockdown period ? In terms of notification as referred in Sl. No. (6) in para 2 above issued under the provisions of section 168A of the GST Act, where the validity of an e-way bill generated under rule 138 of the GST Rules expires during the period 20th day of March, 2020 to 15th day of April, 2020, the validity period of such e-way bill has been extended till the 30th day of April, 2020. 9. What are the measures ..... X X X X Extracts X X X X X X X X Extracts X X X X
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