Page 50 - GSTL_2nd April 2020_Vol 35_Part 1

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FinMin pushes back all tax deadlines to June 30
Eases up on compliances, makes ATM withdrawals free; promises full package

Extra time during extraordinary crisis
New Date/Norms Original
Date/Norm
Income Tax Return for June 30, 2020 March 31, 2020
2018-19
Aadhaar-PAN linking June 30, 2020 March 31, 2020

Vivad se Viswas Scheme June 30, 2020 March 31 : without
any additional
payment
June 30 : Additional
payment @ 10%
Delayed payments of ad- Reduced interest rate Interest rate @
vanced tax, self-assessment of 9% for payment 12-18%
tax, regular tax, TDS, TCS, made between March
equalisation levy, STT, CTT 20-June 30, 2020
Due dates for various mat- June 30, 2020 Expiring between
ters such as notice, intima- March 20-June 29
tion, filing of appeal

GSTR-3B return for com- Last week of June, Between 20th-24th
panies with turnover of 2020 without interest, of next month
less than ` 5 cr. for March, late fee or penalty
April and May
GSTR-3B return for com- Last week of June, Between 20th-24th
panies with turnover of ` 5 2020 without late fee of next month. After
cr. for March, April and or penalty but interest that, late fee of
May @ 9% ` 200/day, interest
@ 18%
Opting for Composition Last week of June Last week of March
Scheme under GST
GST Annual Return Last week of June March 31, 2020
Payment under Sabka June 30, 2020 without March 31, 2020
Vishwas interest

With much of the country in lockdown and with just seven days for the
financial year to close, the Government today announced a slew of measures to
ease the compliance and statutory burden for corporates and individuals.
The Finance Minister, Nirmala Sitharaman, also reiterated that an eco-
nomic package is in the works, and will be announced soon.
“People should, not be worried about compliance... honest taxpayers
GST LAW TIMES  2nd April 2020  114