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

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 FY	Feb	Mar	Apr	May	Relaxation in Interest/ Late Fee
Upto 1.50 Crore	20 Mar	20 Apr	20 May	12/14 July*	No interest and late fee if filed upto 30 June ( Feb ), 3 July (March ) & 6 Jul ( April)
1.50 to 5 Crore	20 Mar	20 Apr	20 May	12/14 July*	No interest and late fee if filed upto 29 June ( Feb & Mar ) 30 June ( April )
Above 5 Crore	20 Mar	20 Apr	20 May	27 June	No interest for delay upto 15 days. Reduced Interest Rate ( from 18% to 9% ) and no late fee if filed upto 24 June

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 FY	Mar	Apr	May	Relaxation in Interest/ Late Fee
Upto 1.50 Crore	11 Apr	11 May	11 Jun	No late fee if filed by 30 June
1.50 to 5 Crore	11 Apr	11 May	11 June	No late fee if filed by 30 June
Above 5 Crore	11 Apr	11 May	11 June	No 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