Indirect Effects of due date extension on GST

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      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

 

Key points:

  1. 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.
  2. 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.
  3. Government has waived the late fees but interest is still payable by the taxpayer as specified above.

 

For any queries you can forward your mail at cassrpn@gmail.com

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