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GST Update on Notification 31/2020 & 32/2020 dt.03.04.2020 - 003/2020-21

GST Update on Notification 31/2020 & 32/2020 dt.03.04.2020 - 003/2020-21

Due to the current pandemic over COVID-19, Finance Minister has provided various relief from the compliances under the GST. Now, CBIC vide its notification has notified and provided the relaxations. The applicable interest of only 9% if the Returns for the period of Feb 2020, March 2020 & April 2020 are filed as per the conditions mentioned the Notfn.No.31/2020. Moreover, late fees on delayed filing of GSTR 3B has also been waived for the month of Feb March and April 2020 on certain conditions.

No due dates have been extended for GSTR 3B returns for the period Feb, March & April 2020. However, late fees are waived and either the applicable interest has been waived or lowered to provide relief to the taxpayers to pay their dues. These reliefs are discussed in following paras:-

1.       Where Turnover is more than Rs.5 crore in the previous FY.
· 9% of Interest shall be chargeable after the 15 days from the due date for filing of GSTR 3B for the month of Feb March April 2020, if the said GSTR 3B returns are filed on or before 24th June 2020. This will be clear from a example. As the due date of filing of return for the month of March 2020 is April 20, 2020. If we file return within 15 days from this due date then there will be no interest. But if we file after 15 days but before June 24, 2020 then interest @ 9% will be charged.
· However, if the Returns has been filed after June 24, 2020  then interest of 18% shall be applied on the net tax liability for the entire period starting from due date as per the Circular 136/06/2020 dt 03.04.2020. Following the above example, if we file return for the month of March 2020 after June 24, 2020 then interest will be charged @ 18% right from April 20, 2020 to the date of filing of return.
· A point to be noted here is that Sec 50 has not been amended till date, where the interest shall be chargeable on the net tax liability was to be amended retrospectively as per the press release dated 14th March 2020. Therefore the department will ask the interest liability shall be applied on the gross tax liability for the said period. We are explaining the complete issue in detail by a separate update.
· As per Notification 32/2020 dt 03.04.2020, late fees shall also be waived if we file the return by June24, 2020. However, the late fees shall be levied if the return is filed after this date. The same has also been clarified vide Circular 136/06/2020 dt.03.04.2020.
·  The last fee for GSTR-1 is also waived in the same fashion but again the due date has not been extended. The implications of the same is explained in a separate update.

2.       Where the Turnover is more than 1.5 crores but upto Rs.5 Crores.
· No late fee and interest shall be applicable for the GSTR-3B returns filled after due date for filing of GSTR 3B for the month of Feb & March 2020, if the said GSTR 3B returns has been filed before 29th June 2020. Similarly, no late fee and interst if GSTR 3B for the month of April 2020 is filedbefore 30th June 2020.
· However, if the Returns has been filed after 29th June 2020 & 30th June for the month of Feb March & April respectively, interest of 18% shall be applied as per the Circular 136/06/2020 dt 03.04.2020
· The late fee for GSTR-1 is also waived in the same fashion.
 
3.       Where the Turnover is up-to 1.5 crores
·  No interest shall be applicable for the Returns filled after the due date for filing of GSTR 3B for the month of Feb March & April 2020, if the said GSTR 3B returns has been filed before 30th June 2020 , 3rd July 2020 & 6th July 2020 respectively.
·  However, if the Returns has been filed after 30th June 2020 3rd July 2020 & 6th July 2020 for the month of Feb March & April respectively, interest of 18% shall be applied as per the Circular 136/06/2020 dt 03.04.2020
· As per Notification 32/2020 dt 03.04.2020 Late fees shall also be waived till the period of 30th June 2020 3rd July 2020 & 6th July 2020. However, the late fees shall be levied if the return is filed after 30th June 2020 3rd July 2020 & 6th July 2020for the said periods. The same has also been clarified vide Circular 136/06/2020 dt.03.04.2020
 
 
This is solely for educational purpose.

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