As per an earlier announcement made by the honourable finance minister, CBIC (Central Board of Indirect taxes & Custom) issue notification for waiver of late fee & Interest penalty for filling of GSTR 3B for the period of Feb-Apr’20
For the availing benefit of notification, Return must be filled by the 30th Jun 2020.
Further Due date for filing GSTR 3B of May’20 also extended to 12th Jul 2020.
With worldwide Increase in the spread of COVID-19, India did not remain untouched from its effect, A per latest updates 6,700 confirmed Cases were reported with death already surpass to over 200 lives. Government by taking quick & effective measures enforce full Lockdown in the entire country for the Period of 21 Days, effective from 25th Mar 2020. (For update over current cases overview)
With an appreciable step taken by the Honorable prime
Minister, India is successfully able to keep the spread of COVID-19 under control
but it results in a huge burden over the country economy. Ultimate burden come
over the manufacturers & Small & medium business Houses (Get detailed impact analysis here).
Government Announce reliefs & loosen the
compliance burden for business houses. On 24th Mar 2020, in press conference Honorable finance minister Mrs Sitharaman
announced a slew of measures to fight the economic fallout of COVID-19 pandemic
by allowing extension of the last date for filing GSTR-3B for Goods and
Services Tax (GST) for the period Feb to April to June 30
In pursuance of such announcement made by FM, two new
notification issued today on 10th April 2020. wherein government waived
the interest penalty for late filling of GSTR 3B. However, relaxation is
subject to the condition mentioned in the notification:
Following conditional relaxation is given by the notification number 34/2020- Central Tax
For the taxpayers having an aggregate turnover of more than
Rs. 5 Crores in the preceding financial year, They liable to pay the NIL interest rate for the first 15 days
from the due date and then 9% of the interest would be applicable after 15
days. The tax period prescribed for such a class of person shall be from
February, April and March 2020.
For the second class of taxpayers who are having an aggregate turnover
of more than Rs. 1.5 Crores and up to 5 crores in the preceding financial years
are liable to pay the NIL interest rate. The tax period prescribed for such a
class of person shall be from February, and March 2020.
And at last for the taxpayers having an aggregate turnover
of Rs. 1.5 Crores in the preceding financial years are liable to pay the NIL
interest rate. The tax period prescribed for such a class of person shall be
from February, March, and April 2020.
See full Notification Here: Notification 32/20- Central tax
Another notification was issued by the CBIC for the
extending the due date for the filling of GSTR 3B for the month of May 2020.
As per the notification latest due date for filling of May’20 GSTR 3B as follows:
Refer Detailed Notification here- 36/20- Central Tax
Stay Tuned for the latest updates.
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