The Goods and Services Tax has been gradually maturing into a tax that has integrated the country economically. It has consolidated numerous taxes and cesses to one tax and facilitated formalization of economy. It has resulted in the efficiency gains in logistic and transport sectors. The turnaround time for trucks has witnessed a substantial reduction to the tune of 20% due to abolition of check posts in GST.
 
Coronavirus will definitely impact India’s economic growth “severely”, as the coronavirus lockdown is causing significant disruption across multiple sectors, including manufacturing, oil, financial, among others.
 
Lockdowns and restrictions on commercial activities and people gatherings are likely to strongly impact global and domestic growth from March 2020 onwards.
 
In order to give relief to taxpayers and business entities , the finance minister Nirmala Sitharaman, on March 24, announced the following in the context of GST compliances:
 
KEY ANNOUNCEMENTS

• Those having annual turnover less than Rs.5 Crore can file GSTR-3B due in March, April and May by the last week of June 2020. No interest, late fees and penalty to be charged for the same.
• Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract a reduced rate of interest at 9 % per annum from 15 days after due date (current interest rate is 18 % per annum). Further, no late fees and penalty to be charged if complied till 30th June 2020.

 
For composition dealers

• Date for opting for composition scheme is extended till last week of June, 2020.
• The last date for making payments for quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020.
• The time for opting composition scheme for the FY 2020-21 has been extended to 30th June 2020.

• The date for filing GST annual returns of FY.2018-19, which is due on 31st March, 2020 is extended till the last week of June, 2020.
• Due date for filing issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications reports, any other documents, time limit for any compliance under the GST law where the time limit is expiring between 20th March, 2020 to 29th June, 2020 shall be extended to 30th June, 2020.
• Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. No interest for this period shall be charged if paid by 30th June, 2020.

Written by
Mohit Garg
Articled Clerk