Page 52 - GSTL_2nd April 2020_Vol 35_Part 1

J18 GST LAW TIMES [ Vol. 35
Goods and Services Tax (GST) return filing system for small businesses for six
months starting April to reduce the load on IT infrastructure.
In a series of notifications issued on 23-3-2020, the Central Board of Indi-
rect Taxes and Customs (CBIC) also implemented the decisions of the GST
Council to extend the due dates for various new compliance measures.
The notifications brought to effect a special regime for companies under-
going bankruptcy proceedings and extended both electronic invoicing as well as
use of dynamic Quick Response (QR) code on retail invoices till 1 October. Elec-
tronic invoicing by businesses with more than ` 100 crore sales and use of QR
code by businesses with more than ` 500 crore sales were to come into force from
1 April.
CBIC also notified the GST Council’s 14 March decision of deferring the
due date for filing annual returns by businesses for FY19 till 30 June. The Board
said Aadhaar authentication will be required for individuals and authorised sig-
natories of businesses as well as managing and authorised partners in partner-
ships to be eligible for GST registration from 1 April.
Under the staggered scheme, businesses with up to ` 5 crore in sales and
divided into two groups across the country will be given two separate dates - 22
and 24 of the succeeding month - for filing returns. The move is aimed at reliev-
ing the pressure on the IT systems, which has caused difficulties for many tax-
payers in filing returns on time. The GST Authorities have been trying to boost
compliance which is key to improving revenue collections amid an economic
slowdown.
[Source : http://www.livemint.com, dated 24-3-2020]

GST return filing date extended, relief from late fee,
penalties
To provide relief to businesses grappling with the economic impact of
Covid-19, the Government on 24-3-2020 said it is extending the filing of return
for the month of March, April and May, 2020 and composition returns under
GST June 30.
Addressing the press, Finance Minister Nirmala Sitharaman added that
staggered filing will apply. “While I announce 30th June as the date, specific re-
gions will have dates like 27, 29 or 30th.
Significantly, the FM also said companies which have less than ` 5 crore
turnover will not have to pay interest, late fee or penalty. For bigger companies
late fee and penalty will not apply and only interest at a reduced rate of 9% will
be charged. “This is only for bigger companies. Majority of companies will have
no interest, late fee or penalty,” said Sitharaman.
The date for opting for Composition Scheme has also been extended to
June 30, 2020.
“The extension of GST return filing timelines together with the defer-
ment of e-invoicing and new returns announced earlier would allow businesses
to focus on resumption of business processes once normalcy resumes in future,
“says M.S. Mani, Partner, Deloitte India.”
He adds that the waiver of interest, late fees and penalties for SME’s
would enable them to focus on reviving their businesses once things are back to
normal.

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