GST Return filing date extended, relief from late fee, penalties

Firms that have less than Rs 5 crore turnover will not have to pay interest, late fee or fine.

To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30.

Addressing the press, Finance Minister Nirmala Sitharaman added that staggered filing will apply. “While I announce 30th June as the date, specific regions will have dates like 27, 29 or 30th.

1. FY 18-19 - return filing the last date extended to 30.06.2020

2. Vivaad Se Vishwas Scheme extended to 30.06.2020 (without additional 10% of tax)

3. The interest rate at 9% for Late deposition of TDS till 30.06.2020

4. PAN Aadhar linking deadline now 30.06.2020

5. All notices / proceedings / filing dates till 31.03.2020 - gets extended to 30.06.2020

6. *GST Returns* March, 2020; April 2020; May, 2020 - all returns deadline is 30.06.2020

7. Companies with less than Rs. 5 Crores TO - no interest, penalty, late fees in GST. For companies above Rs. 5 Crores - only interest at 9% will be charged

8. Sabka Vikas scheme for Service Tax (Indirect Taxes) extended till 30.06.2020 - without any interest liability

*Custom*

9. Customs - 24x7 Clearance till 30.06.2020

*Companies Act*

10. MCA - moratorium from 01.04.20 to 30.09.20 - there shall be no additional fees for late filings.

11. Board meetings are relaxed for 60 days for next 2 quarters

12. Revised CARO to get applicable from FY 20-21 instead of FY 19-20

13. For newly incorporated companies - Commencement of business is to be filed within 6 months, which is now extended for another 6 months.

14. Extension for deposit reserves - extended from 30.04.2020 to 30.06.2020

15. *IBC* - Threshold for default is increased to Rs. 1 Crore from existing Rs. 1,00,000/- for preventing Insolvency against MSMEs. and if the situation further deteriorates, then sections 7, 9 and section 10 of the IBC Act may get suspended for a period of 6 months.

*Miscellaneous*

16. *DFC* Debit cardholders - withdraw cash from any bank ATM - No charges for next 3 months

17. No Minimum Balance requirement charges for the next 3 months.

18. Bank Charges for digital trade transactions for all trade finance consumers

19. *Commerce* Principal to be followed "for procedural activities and eligibility point of view - the extension will be given"

note:- source announcement given by the finance minister.