Glimpse of Relief Measures under GST by Finance Minister

The Union Finance & Corporate Affairs Minister Smt. Niramala Sitharaman on 24th March, 2020 announced several important 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. While addressing the press conference through video conferencing, Smt. Sitharaman announced much-needed relief measures in areas of Income Tax, GST, Customs &Central Excise, Corporate Affairs, Insolvency &Bankruptcy Code (IBC) Fisheries, Banking Sector and Commerce. Glimpse of relief measures under GST are reproduced below:

§ Tax Payers having aggregate annual turnover less than Rs. 5 Crore: Tax Payers can file GSTR-3B due in March, April and May 2020 (i.e. returns for the supplies made in the months of February, March and April 2020) by the last week of June, 2020. No interest, late fee, and penalty to be charged.

§ Tax Payers having aggregate annual turnover more than Rs. 5 Crore: Tax Payers can file returns due in March, April and May 2020 (i.e. returns for the supplies made in the months of February, March and April 2020) by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum (current interest rate is 18 % per annum) from 15 days after the due date. No late fee and penalty to be charged, if complied before till 30th June 2020.

§ Composition Dealers: 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.

§ Annual Returns: Date for filing GST annual returns of FY 2018-19, which is due on 31st March, 2020 is extended till the last week of June 2020.

§ 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.

§ Sabka Vishwas Scheme: Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. No interest for this period shall be charged if paid by 30th June, 2020.

Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council.