COVID-19 Outbreak : Relaxation in GST, I-Tax and MCA Compliances

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In the wake of COVID-19 virus outbreak , Govt has announced date extensions and relaxations for certain compliances. This blog will try to simplify these changes in term of due due extensions, late fee, interest and penalty.

GST

GSTR-3B

  • For Feb, March and April period due date remains the same
  • For May due date has been changed
Turnover during previous FYFeb MarAprMayRelaxation in Interest/ Late Fee
Upto 1.50 Crore20 Mar20 Apr20 May12/14 July*No interest and late fee if filed upto 30 June ( Feb ), 3 July (March ) & 6 Jul ( April)
1.50 to 5 Crore20 Mar20 Apr20 May12/14 July*No interest and late fee if filed upto 29 June ( Feb & Mar ) 30 June ( April )
Above 5 Crore20 Mar20 Apr20 May27 JuneNo interest for delay upto 15 days. Reduced Interest Rate ( from 18% to 9% ) and no late fee if filed upto 24 June

* Different dates for Group 1 and Group 2 States and UT.

GSTR-1

  • Due dates remain the same
  • However there is no late fee if GSTR-1 is filed on or before 30 June
  • For GSTR-1 Quarterly returns also , there is no late fee if filed on or before June 30
Turnover during previous FYMarAprMayRelaxation in Interest/ Late Fee
Upto 1.50 Crore11 Apr11 May11
Jun
No late fee if filed by 30 June
1.50 to 5 Crore11 Apr11 May11
June
No late fee if filed by 30 June
Above 5 Crore11
Apr
11 May11 JuneNo late fee if filed by 30 June

Income-Tax

  • There is no change due date for the following compliances. However any delayed deposit will be entitled to reduced interest @ 9% instead of 12%/18%
  1. TDS Deposit
  2. TCS Deposit
  3. Advance Tax

MCA

  • No change in due dates
  • However no late fee will be payable for delayed filing of any return, statement etc falling due between 1 April 2020 to 30 Sept 2020

Blog written for Proactly by CA Jigar Shah| Partner : S K Rathi & Co. Mumbai