Indirect Effects of due date extension on GST
Due to unavoidable circumstances in the country; Government has relaxed the various compliance part by giving extension in the due dates.
We all know that, we can comply to due dates till 30th June 2020, but can every person should wait till 30.06.2020? We are covering just GST due date part and its effects in the form of summary.
|Type of Return||Month||Turnover||Original Due Date||Revised Due date||Interest Liability if any||Penalty/Fees|
|GSTR-3B||February -2020 to May 2020||Upto 5Cr||20th, 22th, 24th of each succeeding month in staggered manner||30th June 2020||No Interest||Not payable|
|GSTR-3B||February -2020 to May 2020||More than 5Cr||20th, 22th, 24th of each succeeding month in staggered manner||30th June 2020||Interest @ 9% is payable after expiry of 15 days from the original due date||Not payable|
|GSTR-1||Quarterly ( Jan- March)||Upto 1.5 Cr||30.04.2020||30th June 2020||Not applicable||Not payable|
|GSTR-1||Monthly (Feb-2020 to May-2020)||More than 1.5 Cr||11th of each succeeding month||30th June 2020||Not applicable||Not payable|
- Government has increased the due dates only. But not done any changes in other provision like Section 36(4) which restrict the ITC upto 10% of amount reflected in GSTR-2A.
- If the taxpayers which are required to file monthly GSTR-1 are not file and they have wait till 30th June 2020 then its effect will be on GSTR-2A. Small Taxpayer may receive the notices from the department regarding mismatch of ITC between ITC claimed in GSTR-3B and reflected in GSTR-2A, which again increases the compliances part other than regular return.
- Government has waived the late fees but interest is still payable by the taxpayer as specified above.
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