NCLAT: Cannot Withhold Income Tax Refund Received by Bank During CIRP In CD's Account  ||  All. HC: With S. 111 of BNS Covering 'Organised Crime' It Appears Gangsters Act has become Redundant  ||  P&H HC: Cannot Allow Changes in Admission Form after Submission  ||  Bom. HC: Findings in Criminal Proceedings Cannot Be Relied Upon While Adjudicating Civil Proceedings  ||  P&H HC Directs Jail Authorities to Decide Parole Applications within Four Months  ||  Allahabad HC: Merely Supporting Pakistan Will Not Prima Facie Attract Section 152 of BNS  ||  HP HC Upholds Wife’s Claim of Adverse Possession after Husband’s Death  ||  Patna HC: Maintenance may be Allowed in Disputed Marriages if Relationship Was Socially Accepted  ||  Karnataka HC: State to Respond in 3 Weeks regarding Mandatory Teaching of Kannada  ||  Delhi HC: Husband Unhappy in Marriage is No Proof of Abetment of Suicide    

Government provides GST relief to mitigate impact of Covid-19 on MSMEs - (12 Jun 2020)

Goods and Services Tax

The Novel Coronavirus (COVID- 19) and its spread are causing severe disruption to society and to most of the businesses across the globe. Ongoing covid outbreak has led to a massive change in organisational and structural working in global economy. In order to mitigate impact of Covid-19 on on micro, small and medium enterprises (MSMEs), the 40th GST Council met under the Chairmanship of Union Finance and Corporate Affairs Minister and decided to waive off fees for late filing returns. Now, the late fee for non-furnishing FORM GSTR3B for the tax period from July, 2017 to January, 2020 has been reduced. ‘NIL’ late fee, if there is no tax liability; Maximum late fee capped at Rs. 500 per return, if there is any tax liability.

The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 1st July, 2020 to 30th September, 2020. Further, for small taxpayers (aggregate turnover upto Rs. 5 crore), for the supplies effected in the month of February, March and April, 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto 6th July 2020) is reduced from 18% per annum to 9% per annum till 30th September, 2020.

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30th September, 2020, in all cases where registrations have been cancelled till 12th June, 2020. Certain clauses of the Finance Act, 2020 amending Central Goods & Services Tax Act, 2017 (CGST) and Integrated Goods and Services Tax Act, 2017 (IGST) is to be brought into force from 30th June, 2020. In view of the challenges faced by taxpayers in meeting the compliance requirements under pandemic conditions, the Union Finance Minister had announced several relief measures relating to statutory and regulatory compliance matters across all sectors from time to time.

Tags : GST RELIEF   MEASURES   WAIVER   FEES  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved