COVID-19 - Business Compliance Relief for Income Tax, GST, Custom, Corporate Affairs and Bankruptcy
COVID-19 HAS HIT ALMOST ALL THE SECTORS OF THE ECONOMY. HERE IS A COMPILATION OF SOME RELIEF MEASURES ANNOUNCED BY THE GOVERNMENT FOR BUSINESS COMPLIANCE. CLICK HERE TO DOWNLOAD PDF This compilation is in relation to following matters: 1. INCOME TAX 2. GST, EXCISE AND SERVICE TAX 3. CUSTOMS 4. CORPORATE AFFAIRS 5. INSOLVENCY AND BANKRUPTCY CODE (IBC)
34/2020-Central Tax ,dt. 03-04-2020 Extend date of FORM GST CMP-08 for Mar'20 quarter till 15.7.20.
Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending March, 2020 till 07.07.2020 and filing FORM GSTR-4 for FY 2020-21 till 15.07.2020. “Provided that the said persons shall furnish a statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017, for the quarter ending 31st March, 2020, till the 7th day of July, 2020.”; (ii) in the third paragraph, the following proviso shall be inserted, namely: – “Provided that the said persons shall furnish the return in FORM GSTR-4 of the Central Goods and Services Tax Rules, 2017, for the financial year ending 31st March, 2020, till the 15th day of July, 2020.” Link Below:
33/2020-Central Tax ,dt. 03-04-2020 Conditional waiver of late fee for delay in filing GSTR-1.
Seeks to provide relief by conditional waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods of February, 2020 to April, 2020. "Provided also that the amount of late fee payable under section 47 of the said Act shall stand waived for the months of March, 2020, April, 2020 and May, 2020, and for the quarter ending 31st March, 2020, for the registered persons who fail to furnish the details of outward supplies for the said periods in FORM GSTR-1 by the due date, but furnishes the said details in FORM GSTR-1, on or before the 30th day of June, 2020." Link Below:
Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from April,2020 to September, 2020. Link Below:
Seeks to prescribe the due date for furnishing FORM GSTR-1 for the quarters April, 2020 to June, 2020 and July, 2020 to September, 2020 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year. Link Below:
26/2020-Central Tax ,dt. 23-03-2020 GSTR-3B extension for J&K taxpayers.
Seeks to extend due date for furnishing FORM GSTR-3B of the said rules for the months of July,2019 to September, 2019 for registered persons whose principal place of business is in the erstwhile State of Jammu and Kashmir, shall be furnished electronically through the common portal, on or before the 24th March, 2020 Link Below: