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COVID-19: All statutory Amendments by Government in Tax Compliance

government in several tax compliances

Paying heed to the severity of the situation prevailing due to COVID-19 outbreak in India, Goods and Service Tax Network has extended the dates for GST returns filing to give temporary relief to the taxpayer already struggling. 

Taxpayers willing to opt for the Composition Scheme for Financial Year 2020-21 shall not file GSTR 3B and GSTR1 for any tax span in FY 2020-21 from any PAN associated GSTIN.

New Dates announced by the GSTN 

#1. Opting for Composition Scheme

FormPeriod FYExtended Due Date
GST CMP-02  FY 2020-21 30th June 2020
GST ITC – 03 FY 2019-2031st July 2020

#2. For Composition Taxpayers

FormPeriod FYExtended Due Date
GST CMP-08 Jan to March 2020 7th July 2020
GSTR-4FY 2019-2015th July 20202

#3. For TDS, TCS, ISD and NRTP Taxpayers

No.Return FormTo be filed byTax PeriodDue DateExtended Date
1GSTR-5Non Resident TaxpayersMarch,April, May 2020th of succeeding month31st August 2020
2GSTR-6Input Service DistributorsMarch,April, May 2013th of succeeding month31st August 2020
3GSTR-7Tax Deductors at Source (TDS deductors)March,April, May 2010th of succeeding month31st August 2020
4GSTR-8Tax Collectors at Source (TCS collectors)March,April, May 2010th of succeeding month31st August 2020

4. The validity of EWB Extended

“The validity of E-way bills (EWBs), generated on or before 24th March, 2020, and whose validity expiry date lies on or after 20th March, 2020, is deemed to have been extended till 31st August, 2020.”

New Due Dates Approved by the Union Finance Minister

#5. Income Tax Act –

  • Deadlines for filing the ITR (FY 2018-19) is 30-06-2020. 
  • Interest reduced to 9% on delayed tax payments till 30-6-2020 from 12% earlier.  
  • Interest reduced to 9% on delayed TDS payments from earlier 18%. till 30-06-2020
  • Dates for several legal sanctions, approvals, notifications, statement filing, refund appeals, reports, and other compliances related to the investments, STT levy, equalization law, etc has been extended till 30-06-2020 expiry for which was supposed to be on March 20-03-2020 or thereafter. 
  • Due dates for linking Aadhaar to PAN have been extended till 30-06-2020. 
  •  VSV scheme date extended till 30-06-2020 without any additional 10% or 5% charge. Charges will be applicable after the due date.

#6. GST Act

  • For businesses with annual turnover less than Rs. 5 Crore, last week of June is the time limit for filing GSTR 3B (due for March, April and May 2020). Without any interest and/or penalty.
  • For taxpayers filing due returns for March, April, May 2020, the interest of 9% shall be charged on delayed filing (till 15 days from the due date). No penalty or interest shall be charged if returns are filed on or before the due date. 
  • Taxpayers willing to opt for the Composition Scheme shall apply for the same before the last week of June 2020. Due dates have been extended for tax payments for the quarter ending on 31 March 2020 till 30 June and also the time limit for return filing by Composition taxpayers has been extended till 30 June 2020.   
  • No penalty or interest shall be charged for any payment done under Vivad Se Vishwas scheme till 30 June 2020. Applicable for assessees with annual turnover less than Rs. 1.5 Crore. 
  • Customs clearance to operate 24*7 till 30-06-2020.

#7. MCA Act

  • MCA-21 registry – moratorium issued from 01.04.2020 to 30.09.2020. No additional late fees. 
  • Companies are allotted the relief for 60 days for board meetings. Applicable to the next two quarters.  
  • CARO 2020 will commence from FY 2020-21 and not in the current year. 
  • Valid for FY 2019-20, if a single director of the company is unable to hold any meeting then it shall not be considered as a default. 
  • Additional 6 months have been granted to budding companies that are supposed to submit the declaration for starting the business. The time period is added to the already existing 6 months limit. 
  • The government has provided relief to directors of the companies that haven’t completed their 182 days in the nation.  
  • The requirement of deposits reserves of 20% by the month of April now shifted to 30.06.2020. 
  • The requirements of 15 percent debentures maturing in specified instruments before 30.04.2020 extended till 30.06.2020.

#8. Bankruptcy Code

  • Exemption limit has been increased to Rs. 1 Crore from earlier Rs. 1 Lac favoring all the MSMEs.  
  • In worst situations, only sections 7, 9 and 10 of IBC shall be applicable related to suspension for 6 months.  

#9. Other relevant Alterations

  • Debtors/cardholders can now withdraw cash from any ATM (not necessarily their bank) without any additional charge for the upcoming 3 months period. 
  • Immunity from minimum balance deposit for the upcoming three months. 
  •  Reduction in the bank charges for online payments.

We have also attached pdf of notifications as per government. Click here

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