ITC Restrictions deferred & GST Compliances relaxed by CBIC
ITC Restrictions deferred & GST Compliances relaxed by CBIC

ITC Restrictions deferred & GST Compliances relaxed by CBIC due to COVID-19

The Article discusses various compliances that have been deffered due to COVID-19.

Condition under rule 36(4) relaxed

Condition under rule 36(4) prescribes the restriction for availment of Input Tax Credit i.e. 10% of the eligible credit in respect of invoices or debit notes the details of which have not been uploaded by the suppliers under sub-section (1) of section 37 of the CGST Act, 2017.

ITC Restrictions deferred

In Terms of Notification No. 30/2020, a proviso has been inserted in CGST Rules 2017 to provide that the condition as stated in Rule 36(4) of the CGST Rules, 2017 will be deffered. The condition shall not apply to ITC availed by the Taxpayer in FORM GSTR-3B for the months of Feb 2020 to Aug, 2020. Further the said condition shall apply cumulatively for the said period in the return in FORM GSTR-3B for the tax period of Sep, 2020. GSTR-3B Return of Sep 2020 shall be furnished with cumulative adjustment of ITC.

[Notification No. 30/2020 – Central Tax dated 3 April, 2020]

GST Compliances relaxed by CBIC

Late filling Fees on GSTR-3B has been relaxed & Interest has been reduced for GSTR-3B

ITC Restrictions deferred & GST Compliances relaxed by CBIC
ITC Restrictions deferred & GST Compliances relaxed by CBIC
  • Due Dates are same for the months of Feb to May 2020. Only penalty & interest have been relaxed.
  • Due date for the month of May 2020 has been deffered.
  • Interest @ 18% will be applicable if GSTR-3B is filed after extended due dates.

[Notification No. 31/2020 – Central Tax dated 3 April, 2020]

[Notification No. 32/2020 – Central Tax dated 3 April, 2020]

[Notification No. 36/2020 – Central Tax dated 3 April, 2020]

Late filling Fees has been relaxed for GSTR-1

Due Date for filing Form GSTR-1 for the Taxpayers having Aggregate Turnover of More Than Rs. 5 Cr

MONTH RETURN DUE DATE COMPLIANCE DATE INTEREST LATE FEES
Mar-20 GSTR 1 11/04/2020 30/06/2020 Not Applicable NIL
Apr-20 GSTR 1 11/05/2020 30/06/2020 Not Applicable NIL
May-20 GSTR 1 11/06/2020 30/06/2020 Not Applicable NIL

Due Date for filing Form GSTR-1 for the Taxpayers having Aggregate Turnover up to Rs. 5 Cr

MONTH RETURN DUE DATE COMPLIANCE DATE INTEREST LATE FEES
JAN-MAR 2020 GSTR 1 30/04/2020 30/06/2020 Not Applicable NIL

[Notification No. 33/2020 – Central Tax dated 3 April, 2020]

Relaxation for Composition Scheme Dealers

Due Date for filing Form CMP-08 i.e. Statement for payment of self-assessed tax by the Composition Dealer

MONTH RETURN DUE DATE COMPLIANCE DATE INTEREST LATE FEES
JAN-MAR 2020 CMP-08 18/04/2020 07/07/2020 NIL Not Applicable

Due Date for filing Form GSTR- 04 i.e. Quarterly return for registered person opting for composition levy, by the Composition Dealer

MONTH RETURN DUE DATE COMPLIANCE DATE INTEREST LATE FEES
JAN-MAR 2020 GSTR-4 13/04/2020 15/07/2020 Not Applicable NIL

[Notification No. 34/2020 – Central Tax dated 3 April, 2020]

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