Latest update on GST Return

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Update on GST Return:-Due to COVID-19 pandemic and challenges faced by taxpayers, the Government has extended dates for GST fillings. These are notified in Notification 30/2020 and 36/2020 dated 03.04.2020. Circular No. 136/06/2020- GST dated 3rd April 2020 has been issued.

Late fee waiver has been for Feb, March and April return for both GSTR1 and GSTR 3B till 24th June. In this condition if we have not submitted return till 24th June than we are not liable to pay any late fees.

The government also provides relief in interest payment on late payment of GST amount. The government waives off interest for the first 15 days after the due date and charge only 9% interest after completion of 15 days from the due date.

Example:-

For Return Due date:- When we pay complete GST tax on time before the due date and not fill GSTR1 and GSTR3B return till 20 June. Then we are not liable to pay any late fees because the last date for filling both returns is 24th June.

For Due date for GST payment:- If we can pay GST amount within 15 days after due dates, like, for Feb’20 – due date is 20 March, for March,20 – due date is 20 April and for April’20 – due date is 20 May, then we are not liable to pay any interest on GST payment. But if we pay the GST tax amount after the 15 days from Due date than the government will charge 9% till 24th June after that interest rate will be increased to 18%.

Opt-in for composition in FY 2020-21 in CMP-02 extended to 30.06.2020 and ITC-03 on 31-03-2020 extended till 31-07-2020. CMP-08 for Jan to March to 07-07-2020 and GSTR 4 to 15-07-2020.

Normal Taxpayers wanting to opt for Composition should not file GSTR3B and GSTR 1 for any tax period of FY 2020-21 from any of the GSTIN on the associated PAN.

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