Brief Analysis of GST Notifications issued on 03rd April,2020 amidst the Corona Outbreak

Here, we will provide you with the Brief Summary of GST Notifications issued on 03rd April,2020 amidst the Corona Outbreak :

Notification 30/2020-Central Tax :

Person opting for Section 10 - Composition Scheme under GST can do the same till 30.06.2020 by filing an intimation in FORM GST CMP-02 (Cumulative Application for the period of February, March, April, May, June, July and August, 2020)

Further such person would be required to file a declaration in FORM GST ITC-03 by 31.07.2020.

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Notification 31/2020-Central Tax :

Lowering of interest rate for tax periods of February, 2020 to April, 2020.

The Notification provides the rates as follows :

In other words, we can summarize the same as follows :

We are dividing this Notification into three Sub-Groups :

a)  Turnover is above Rs. 5 Crore in the preceding financial year :

b)  Turnover is above Rs. 1.5 Crore but not more than Rs. 5 Crore in the preceding financial year :

c) Turnover doesn't exceeds Rs. 1.5 Crore in the preceding financial year :

Click here to read the Notification.

Notification 32/2020-Central Tax : 

Conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B.

This notification provides that the Late Fee payable under Section 47 will not be  charged for February 2020, April 2020 and May 2020 provided the below mentioned conditions have been complied with :

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Notification 33/2020-Central Tax :

Conditional waiver of late fee for delay in furnishing returns in FORM GSTR-1.

Late Fees as provided under Section 47 of the Act will be waived for the month of March 2020, April 2020, May 2020 and for the quarter ending 31st March, 2020 for furnishing outward supplies in FORM GSTR - 1 in case where the said return are filed by 30.06.2020.

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Notification 34/2020-Central Tax :

Due Date Extension for FORM GST CMP-08 and FORM GSTR-4.

The said person can furnish details of FORM GST CMP-08 for the quarter ending 31st March,2020 till 07.07.2020.

The said person can furnish details of FORM GST GSTR-4 for the financial year ending 31st March,2020 till 15.07.2020.

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Notification 35/2020-Central Tax :

Extension of Compliances and e-way Bills.

Any time limit for completion or compliance of any action, by any authority or by any person, has been specified in, or prescribed or notified under the said Act, which falls during the period from the 20th day of March, 2020 to the 29th day of June, 2020, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action, shall be extended upto the 30th day of June, 2020, including for the purposes of--

(a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the Acts stated above; or

(b) filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the Acts stated above; but, such extension of time shall not be applicable for the compliances of the provisions of the said Act, as mentioned below -

(a) Chapter IV; (b) sub-section (3) of section 10, sections 25, 27, 31, 37, 47, 50, 69, 90, 122, 129; (c) section 39, except sub-section (3), (4) and (5); (d) section 68, in so far as e-way bill is concerned; and (e) rules made under the provisions specified at clause (a) to (d) above;

Also if period of validity of e-way Bill expires during the period 20th day of March, 2020 to 15 th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of April, 2020.

Update : Vide Notification 55/2020-Central Tax CBIC has extended the validity of e-way bills till 31st August 2020 for all those e-way bills which were generated on or before 24th March 2020 and had expiry between the period from 20th March 2020 to 30th August 2020.

Click here to read the Notification.

Notification 36/2020-Central Tax :

Due Date for furnishing FORM GSTR-3B for the month of May 2020.

a) Turnover exceeds Rs. 5 crores in the previous financial year :

FORM GSTR-3B shall be furnished on or before 27.06.2020 - Applicable for all States.

b) Turnover is less than Rs. 5 crores in the previous financial year :

Click here to read the Notification.

Also Refer : Extension of GST Due Dates and Clarification on Interest

The views expressed by the author is based on his understanding of law and the prevailing circumstances. Taxpayers are requested to use the views judiciously and author shall not be liable for any gain/loss which might arise by referring his article.

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