After the lock down of the whole nation to fight COVID-19 pandemic, the government has decided to counter the outbreak by giving economic and GST reliefs to the common mass. Finance Minister Miss Nirmala Sitharaman announced certain measures and reliefs for the taxpayers.
Below are several relief measures relating to Statutory and Regulatory compliance matters across GST and Customs in view of COVID-19 outbreak. Let’s get started:

1. Those having an aggregate annual turnover of less than Rs. 5 crores can file GSTR-3B due in March, April and May 2020 by the last week of June 2020. There will be no interest, late fee, and penalty charged.

2. Those having an aggregate annual turnover of Rs. 5 crores or more can file GSTR-3B due in March, April and May 2020 by the last week of June 2020 but the same would attract a reduced rate of interest @9 % per annum from 15 days after the due date (current interest rate is 18 % per annum). There will be no late fee and penalty charged, if complied before till 30 June 2020.

3. The date for opting for composition scheme has been extended till the last week of June 2020.

4. The last date for making payments for the quarter ending 31st March 2020 and filing of return for the FY 2019-20 by the composition dealers has been extended till the last week of June 2020.

5. The date for filing GST annual returns of FY 2018-19, which is due on 31st March 2020 has been extended till the last week of June 2020.

6. The due date for issue of notice, notification, approval order, sanction order, filing of an appeal, furnishing of return, statements, applications, reports, any other documents, the time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 have been extended to 30th June 2020.

7. Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief would be followed with the approval of GST Council.

8. Payment date under ‘Sabka Vishwas Scheme’ has been extended up to 30th June 2020. No interest for this period would be charged if paid by 30th June 2020.

9. 24X7 Custom clearance will be allowed until the end of 30th June 2020.

10. The due date for issue of notice, notification, approval order, sanction order, filing of an appeal, furnishing applications, reports, any other documents etc., the time limit for any compliance under the Customs Act and other allied Laws where the time limit is expiring between 20th March 2020 to 29th June 2020 have been extended to 30th June 2020.

We hope the information provided turn out to be helpful for you. Use E-filing software to file GST to stay inside and safe. Use GRECS for smooth and easy GST filing. For more such articles on GST, stay tuned with Digitax Automation.