On 3rd April 2020, Govt. of India, Ministry of Finance has issued several new notifications related to GST. Here, You can get all those GST Notification and Circulars in an easy and simple manner.
Friends, all are you know that we are under the lock-down period due to the COVID-19. It is a pandemic. All the schools, colleges and businesses (except essential ones) are stooped.
At this time, we are concerned about our GST compliances.
But, these notifications provide us clarity about to do and not to do in the case of GST compliance.
So, please read all the notifications very carefully and complete all the GST related work as per instruction.
Contents
- 1 Notification No. 30/2020-Central Tax, dt. 03-04-2020
- 2 Notification No. 31/2020-Central Tax, dt. 03-04-2020
- 3 Notification No. 32/2020-Central Tax, dt. 03-04-2020
- 4 Notification No. 33/2020-Central Tax, dt. 03-04-2020
- 5 Notification No. 34/2020-Central Tax, dt. 03-04-2020
- 6 Notification No. 35/2020-Central Tax, dt. 03-04-2020
- 7 Notification No. 36/2020-Central Tax, dt. 03-04-2020
- 8 Final Word
Notification No. 30/2020-Central Tax, dt. 03-04-2020
(Seeks to amend CGST Rules (Fourth Amendment) in order to allow opting Composition Scheme for FY 2020-21 till 30.06.2020 and to allow the cumulative application of condition in rule 36(4).)
This new GST Notification is related to CMP-02 and ITC as per rule 36(4).
Any registered person who wants to opt for composition scheme for the financial year 2020-21, can file GST CMP-02 on or before 30th June 2020. Besides above, they can also furnish the statements in Form GST ITC -03 in accordance with the provisions of rule 44(4), up to 31st July 2020.
Further, there is a huge relaxation in the case of the ITC claim. The condition as per rule 36(4) shall apply cumulatively for the period February 2020 to August 2020. In September 2020, you have to make the cumulative adjustment of such ITC according to the rule.
You can read the Notification here: Notification 30/2020-Central Tax
Article For You: composition-scheme-under-gst-for-financial-year-2020-21
Notification No. 31/2020-Central Tax, dt. 03-04-2020
[Seeks to provide relief by the conditional lowering of the interest rate for tax periods of February 2020 to April, 2020.]This New GST Notification is related to a lower rate of interest in case of delay in GSTR 3B filing for the period February 2020 to April 2020.
As you know the rate of interest on delayed payment of GST is 18%. But due to this COVID-19 situation, this rate of interest is reduced from 18% to 9%. However, you have to fulfill a condition.
If your turnover is more than Rs. 5 Crore in the preceding financial year then you have to file your GSTR 3B of the aforesaid period on or before 24th June 2020.
However, if your turnover is more than Rs. 1.5 Crore but up to Rs. 5 Crore, then the interest rate is NIL. The condition is you have to file the GSTR 3B of the aforesaid period as follows:
- For Feb 2020 and March 2020= On or before 29th June.
- For April 2020 = On or before 30th June.
If your turnover is up to Rs 1.5 Crore, then the interest rate is NIL. The condition is you have to file the GSTR 3B of the aforesaid period as follows:
- For February 2020 = On or before 30th June.
- For March 2020 = On or before 3rd July, and
- April 2020 = On or before 6th July.
You can read the notification here: 31/2020-Central Tax, dt. 03-04-2020
Notification No. 32/2020-Central Tax, dt. 03-04-2020
This notification is related to a waiver of late fees in case of late filing of GSTR 3B for the period from Feb 2020 to April 2020.
Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Late fees waived if return filed on or before |
|---|---|
Taxpayers having an aggregate turnover of > Rs. 1.5 crores and up to Rs. 5 crores in preceding FY
| Tax period | Late fees waived if return filed on or before |
|---|---|
Taxpayers having an aggregate turnover of up to Rs. 1.5 crores in preceding FY
| Return/Tax period | Late fees waived if return filed on or before |
|---|---|
You can see the full notification here: Notification No. 32/2020 –Central Tax
Notification No. 33/2020-Central Tax, dt. 03-04-2020
This new GST notification is related to the waiver of late fees in the case of the late filing of GSTR 1.
| Tax period | Due Date | Waiver of the late fee if return filed on or before |
|---|---|---|
Notification No. 34/2020-Central Tax, dt. 03-04-2020
This new GST notification is related to the due date extension of CMP-08 and GSTR-4.
| Form | Tax period | Extended Date |
|---|---|---|
You can read this notification here: Notification No. 34/2020 –Central Tax
Final Word
So, you have full details about all the new GST Notifications as on 3rd April 2020.
Please stay home and stay safe.
And last but not the list, please share this article as many as possible if you like it.
Thanks.
Ta-Da.