In this post, we are going to see the some of key GST highlights of the press conference held by our Finance Minister, Mrs Nirmala Sitharaman. The press conference had announced differnt relief measures taken by the our government during the pandemic COVID-19 outbreak.
Key Points to keep in mind
March, April and May 2020 GST returns is extended to June 30, 2020.
For GST suppliers whose turnover is less than 5 Crs, there will not be any late fee or interest.
For suppliers with turnover more than 5 Crs, late fee will not be applicable and interest @ reduced rate of 9%.
Date for opting to composite scheme is now June 30, 2020.
- When the aggregate annual turnover less than Rs. 5 Crore, the last date to file GSTR-3B is extended to the last week of June, 2020 for the month of March, April and May 2020. So, no interest, late fee, and penalty are charged.
- Others can file returns due for March, April, May 2020 by last week of June 2020. But after 15 days from the due date, it will have a interest rate of 9% per annum (existing interest rate was 18%). There will be no late fee or penalty if complied before 30th June 2020.
- Date for opting for composition scheme is now extended to the last week of June, 2020.The last date for making payments for the quarter ending 31st March, 2020 and return filing by the composition dealers for 2019-20 is now extended to the last week of June, 2020.
- Date for GST annual returns filing of FY 2018-19, due on 31st March, 2020 is now extended to the last week of June 2020.
- Due dates to issue notice, notification, approval order, sanction order, filing of appeal, return furnishing, statements, applications, reports, any other documents under the GST laws with the time limit is between 20th March 2020 to 29th June 2020 is now extended to 30th June 2020.
- With the approval of GST Council, necessary legal circulars and legislative amendments will come into effect as per the GST relief.
- Payment date under Sabka Vishwas Scheme is now extended to 30th June, 2020. No interest will be charged if it is paid before 30th June, 2020.
Here ends the this post on GST highlights proposed by Nirmala Sitharaman in the press conference conducted today.
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