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We have set out below relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. Following are the decisions with respect to statutory and regulatory compliance matters related to Central Board of Indirect Taxes and Customs: —
A. Goods and Services Tax
1. Extension in filing GSTR – 3B:
a) Due to COVID – 19 outbreak there was “Janta Curfew” on 22nd March, 2022 and from 23rd March, 2020 for 21 days our Prime Minister Narendra Modi Ji has announced lockdown in whole of India which has thrown business out of gear. To provide some relaxation to small businessman who were finding it hard to earn their bread and butter it was decided that GSTR – 3B which is due in March, April and May 2020 can be filed by the last week of June, 2020.
b) No Interest, late fee and penalty is to be charged.
c) This scheme is only for those having Aggregate annual turnover of less than Rs. 5 Crore.
2. Decrease in Interest Rate:
a) For those having Aggregate annual turnover more than Rs. 5 Crore can file their returns which are due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date.
b) Before COVID 19 Interest Rate for delay in filing was 18% per annum.
c) No late fee and penalty to be charged, if complied before till 30th June 2020.
3. Extension of Composition Scheme:
a) Composition Scheme is a scheme for small GST taxpayers whose turnover is less than Rs. 1.5 crores.
b) Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020.
4. Extension in filing of GST Annual Returns:
a) Date for filing GST annual returns of FY 18-19, which is due on 31st March, 2020 is extended till the last week of June 2020.
b) GSTR 9 is the annual return. It is a compilation return which includes all business transactions done for the particular Financial Year. GSTR-9 consists of details about the supplies made and received during the year under different tax heads i.e., CGST, SGST, and IGST. It consolidates the information furnished in the monthly/quarterly returns during the particular year.
5. Extension for issue of notice, notification, approval order and many more:
a) Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.
6. Extension of Sabka Vishwas Scheme:
a) Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020.
b) No interest for this period shall be charged if paid by 30th June, 2020.
c) Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is a scheme proposed in the Union Budget, 2019, and introduced to resolve all disputes relating to the erstwhile Service Tax and Central Excise Acts, which are now subsumed under GST, as well as 26 other Indirect Tax enactments. The scheme is for taxpayers who wish to close their pending disputes, with a substantial relief provided by the government.
B. Customs
1. 24X7 Custom clearance:
a) 24x7 means "24 hours a day, 7 days a week" and is used to describe a service that is continuous, is always available (day or night), or involves products that can run constantly without disruption or downtime.
b) Customs clearance work involves preparation and submission of documentation required to facilitate export or imports into the country, representing the client during customs examination, assessment, payment of duty and co taking delivery of cargo from customs after clearance along with documents.
c) 24X7 Custom clearance till the end of 30th June, 2020 was announced by Finance minister on 24th March, 2020.
2. Extension for issue of notice, notification, approval order and many more:
a) Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc., time limit for any compliance under the Customs Act and other allied Laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.
Disclaimer :
Although due care and diligence have been taken in the preparation and uploading this Regulatory Updates, Bhavya Sharma & Associates shall not be responsible
for any loss or damage, resulting from any action taken on the basis of the contents of this Regulatory Updates. Anyone wishing to act on the
basis of the material contained herein should do so after cross checking with the press release issued by the Ministry of Finance.
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