GST newest Notifications: summary of CBIC GST Extension Notifications dated 24 June 2020

GST latest Notifications: Analysis of CBIC Notifications on GST extensions dated 24 June 2020

Today, CBIC issued various notifications to implement the recommendations of the 40th GST Council meeting as follows: CBIC Notifications signed on 24.06.2020 regarding interest waiver and late fees. On 24 June 2020 the CBIC released multiple notifications of GST. The synopsis of those updates is here.

Notice No. 49/2020 – Central Tax: Implementing some aspects of the Finance Act, 2020

Notification No. 50/2020 – Central Tax: Notification of GST rates for individuals taxable in composition under Rule 7 of the CGST Rules

GSTR-3B-Interest rate waiver: Notification No.51/2020-Central Tax 24.06.2020: To put certain provisions of the Finance Act into force, 2020.

Notification No. 52/2020 – Central Tax: GST waiver for taxpayers who’ve not filed GSTR-3B for tax dates between July 2017 and January 2020 shall be informed as stated earlier at the 40th meeting of the GST Council. In CGST Notification No. 52/2020 dated 24 June 2020, the CBIC notified that between 1 July 2020 and 30 September 2020, Zero GSTR-3B could be filed without a late fee for the above duration. Furthermore, it shall be limited to a maximum of Rs 250 per return per month per act for the remaining taxpayers.

A late fee exemption also moved the last GSTR-1 deadlines from March to June 2020 as of June 30th, 2020. The latest timelines for monthly filing without even a late fee charge will be from March to June 2020, 10th, 24th, 28th July 2020 and 5th August 2020 respectively. The last date for the GSTR-1 quarterly is 17th July and 3rd August 2020 for the quarters January-March 2020 and April-June 2020.

Big taxpayers have not been informed of further extensions for filing GSTR-3B from February to May 2020, with an annual turnover of more than Rs 5 Crore in the previous financial year. Furthermore, no interest should have been paid from the respective due dates of February to April 2020, i.e. 20th of the following month, for the first 15 days respectively. After that, interest at a 9 percent p.a. reduced rate. Any further delay in GST payments would have been imposed till 24 June 2020.

Initially, taxpayers with an aggregate annual turnover of up to Rs 5 crore in the last financial year have their due date staggered as 22nd # or 24th # of their next month, depending on the state / UT from which they run their main place of business. For the exception of May 2020, its due date staggered as July 12th # or 14th # # 2020. Furthermore, in the exception, August 2020 also comes with yesterday’s due date extended to 1st # or 3rd # # October 2020.

The CBIC has abolished the taxpayer bifurcation based on the annual sales up to Rs 1.5 crore, or between Rs 1.5 crore and Rs 5 crore. Correctly, as per yesterday’s 40th meeting of the GST Council, the late fee and the interest waiver will continue until September 2020

GSTR-1-Late Fees / Penalty Waiver: Notification No.53/2020-Central Tax 24.06.2020: Conditional waiver of late fees for all GSTR 1 registered persons for months/quarters ending March to June 2020, if submitted by the time set.

GSTR-3B-Extension of the deadline for Aug 2020: Notification No.54/2020-Central Tax 24.06.2020: extension of the deadline for submission of GSTR 3B to 1/3 October 2020

Summary of Important Due date of July and Aug 2020

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Gst waver Noitification; #GSTlatestNotifications #AnalysisofCBICNotifications #GSTREGISTRATION # GSTPortal #GSTN #Notifications #carajput #rja #gst #ca #tax #India #taxation #rja #gstn #cbic #taxes #taxplanning #taxpayers #ImpactGST #Taxation #GST #GSTCouncil #IndianEconomy #Taxes #EaseOfDoingBusiness #India #GSTReturns #India #GSTReturns #Abatement #NoticeNo.49/2020 #NotificationNo.50/2020 #GSTR-3B-Interestratewaiver GSTR-3B-Interest rate waiver: Notification No.51/2020-Central Tax 24.06.2020 ; Notification No. 52/2020; GSTR-1-Late Fees / Penalty Waiver: Notification No.53/2020; GSTR-3B-Extension of the deadline for Aug 2020; GST latest Notifications: Analysis of CBIC Notifications on GST extensions dated 24 June 2020

Due Dates of GSTR-1 Has been Extension and other GST Updates

Due Dates of GSTR-1 Has been Extension and other GST Updates

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GST RETURNS

Owing to the issues with GSTR online portal and much to the relief of tax payers, the due date for filing of FORM GSTR-1 has been extended vide Notification No. 71/2017-Central Tax and 72/2017-Central Tax dated 29th December 2017. The previously announced due date of 31st December 2017 has been extended to 10th January 2018. The relief has been provided to assessees with aggregate turnover upto 1.5 crore as well as those with aggregate turnover over 1.5 crore.

For assessees with aggregate turnover upto 1.5 crore, the period for which extension has been granted is July to September 2017. There is no modification in due dates for the quarter of October to December 2017 and January to March 2018. On similar lines, extension for assessees with aggregate turnover exceeding 1.5 crore is for the period July to October 2017 and no changes have been provided in due dates of subsequent months. Revised due dates for furnishing FORM GSTR-1 is summarized below-

EXTENSION OF GSTR-1 FILING DUE DATES

For Assessees with aggregate turnover up to 1.5 crores

  1. No. Months involved  Due Date for filing GSTR-1
  2. July – September 2017        10th January 2018
  3. October – November 2017 15th February 2018
  4. January – March 2018           30th April 2018

Last date for filing of Monthly return in FORM GSTR-1 for for July-September , 2017 for Registered persons having Aggregate turnover of up to 1.5 crore ,  has been extended to 10thJanuary, 2018 from earlier due date of 31st December, 2017 ( NotificationNo.71/2017 ).

For assessees with aggregate turnover exceeding 1.5 crores

  1. No.  Months involved  Due Date for filing GSTR-1
  2. July – November 2017      10th January 2018
  3. December 2017          10th February 2018
  4. January 2018             10th March 2018
  5. February 2018           10th April 2018
  6. March 2018                10th May 2018

Last date for filing of Monthly return in FORM GSTR-1 for for July-October, 2017 for Registered persons having Aggregate turnover of more than Rs 1.5 crore , has been extended to 10th January, 2018 from earlier due date of 31st December, 2017 ( Notification No.72/2017 ).

OTHER GSTR FILLING EXTENSIONS

Return Due date               GSTR-5(for non-resident)

15-December-2017          GSTR-6(for input service distributor)

31-December-2017           ITC-04(for job worker ,for July-sept)

31-December-2017       GSTR-3B Return

GSTR-3B Return

GSTR-3B return will have to be filed by all taxpayers in addition to GSTR-1, GSTR-2 and GSTR-3 return.Earlier, GSTR-3B returns were to be filed for the month of July to December 2017.

IN 23rd council meeting, it has been announced that GSTR-3B return must be filed for all months from July 2017 to March 2018. The due date for GSTR-3B return will be the 20th of every month.

Late fees for GSTR-3B of July, Aug. and Sept waived. Any late fees paid for these months will be credited back in electronic cash ledger under Tax and can be utilized to make GST payments

Reduction of GST Return Penalty

In addition to the waiver of GST Return Penalty, the Government has also announced a reduction in GST return penalty for NIL GST returns. From October 2017, the GST return penalty for not filing NIL GST return has been reduced to Rs.20 per day instead of Rs. 200 per day.

GST on Advances Received

In 22nd GST Council, it has now been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores will not be required to pay GST at the time of receipt of advances on account of supply of goods.

E-Way Bill

As per E-Way bill rules, any transportation of goods with a value of more than Rs.50, 000 would require an e-way bill. The GST council in earlier meeting in October had decided that E-way bill would be introduced in staggered manner from January 1 and subsequently nationwide from April1.

In the recent 24th GST council meeting was finally decided that the e-way bill is now introduced and will be applicable from 1st February 2018 across the nation. The nationwide e-way bill system will be ready to be rolled out on trail basis latest by 16 January 2018. Trade and transporters can start using thi system on voluntary basis from 16 January 2018.

GST REGISTRATION

Registration under GST was mandatory for entities undertaking inter-state supply of goods and/or services, irrespective of aggregate annual turnover.In the 22nd GST Council, it has been decided to exempt service providers from this condition. Hence, service providers will now be allowed to undertake inter-state sales of upto Rs.20 lakhs without obtaining GST registration.Further, this is exemption is also available for service providers supplying services through an e-commerce operator.

But person supply goods will still be required to obtain GST registration mandatorily (in case of inter -state supply)

GST COMPOSITION SCHEME

This scheme is intended for small businesses where compliance less.22nd GST Council has decided to increase the aggregate turnover to Rs.1 crore. (The aggregate turnover threshold for special category States, has also been   increased to Rs. 75 lacs from Rs. 50 lacs excepts J&K and Uttarakhand)

Person opting for composition scheme was restricted from providing any exempted/taxable service .but now a composite can provide exempted service also.

In 23rd GSTcouncil meeting the due date for enrolling under the increased threshold has been made available to both migrated and new taxpayers up to 31.03.2018.

The GST rate payable by GST Composition dealers has been harmonized for all taxpayers (traders or manufactures) at 1%. However, not change has been announced on the GST rate for composition scheme for restaurants.

GSTR 4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that was originally due on the 18th of month following respective quarter. But in 23 council meeting composition returns, GSTR-4 due date extended to 24 /December/2017 for July-September quarter

Reverse Charge Mechanism

Registered taxpayers were required to pay GST on reverse charge basis when they purchased from an unregistered person, the 22ndGST Council has decided to suspend the reverse charge mechanism till 31.03.2018. Now, registered taxpayers can purchase from unregistered persons without having to pay GST on reverse charge basis.

TDS and TCS Provisions Postponed

The Government has decided to postpone the TDS/TCS registration and operationalization to 31st March 2018.

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