Relief for statutory compliances under GST, Income Tax and others

Highlights of FM Press Meet dated 24th March 2020

GST

  • Due date extensions – The due dates for GSTR-3B for March 2020, April

2020 and May 2020 is extended up to 30th June 2020 for those with an

annual aggregate turnover of up to Rs 5 crore. The due date for filing annual

returns are extended to the last week of June 2020 from 31st March 2020.

  • Late fee and Interest Exemptions:

○ Companies with an annual turnover up to Rs 5 crores will be exempted

from interest, late fees, and penalty.

○ Companies with an annual turnover of more than Rs 5 crores are

exempted from late fees and penalty if any. However, the interest will

be levied at a reduced rate of 9% if paid between 20th March to 30th

June 2020.

  • The filing date of CMP-02 extended: The date for opting composition scheme

for the FY 2020-21 has been extended to 30th June 2020.

  • The time limit for any compliance under the GST laws has been

extended to 30th June 2020 where the time limit is expiring between 20th

March 2020 to 29th June 2020.

  • Sabka Vishwas Scheme gets extension: The legacy Sabka Vishwas

scheme is now extended to 30th June 2020 from 31st March 2020. No

interest will be levied if you pay dues by the 30th of June 2020.

  • Relief for a smooth EXIM trade: Customs clearance will operate 24×7 up

to 30th June 2020.

Income Tax

  • Due date extension: The last date for ITRs for FY 18-19, extended to 30th

June 2020 instead of 31st March 2020. For delayed payments of tax made till

30th June 2020, penal interest reduced from 12% to 9%.

  • TDS Compliance: TDS will have to be complied with, with no deadline extension.

The interest rate on delayed TDS deposit reduced to 9% instead of the earlier

18%. Reduced rate allowed till 30th June 2020.

  • Aadhaar-PAN linking due date extended to the 30th June 2020.
  • Vivad-se-vishwas scheme has also been extended to 30th June 2020. No

10% additional charge from now till 30th June 2020. Earlier there was no

additional charge till 31st March 2020.

  • Due dates for issue of notice intimation/notification/approval

order/sanction order/filing of appeal/applications/reports any other

documents, extended to 30th June 2020.

  • Any compliance by the taxpayers, including investment in tax-savings

instruments, capital gains for investment to claim capital gains exemption,

compliance with STT law, equalization levy law compliances, all extended to

30th June 2020. Awaiting press releases and relevant notifications.

MCA

  • MCA 21 registry, the moratorium being issued from 01 April 2020 till 30th

September 2020. There will be no late fee for the late filing during this

period.

  • Relaxation of board meetings for the 60 days and this relaxation is for the

next 2 quarters.

  • CARO 2020 will be applicable from FY 2020-21 instead of FY 2019-20.
  • Even if the independent director has not attended a single meeting in FY

2019-20, it will not be considered a violation.

  • The newly incorporated companies will get additional time of 6 months for

filing the forms related to the commencement of business.

  • Directors who have not stayed in India for more than 182 days will not be

considered as a violation.

Banks

  • No charges if minimum balance requirement is not met in bank accounts,

relief for the next 3 months

  • No debit card charges for ATM transactions
By |2020-03-24T11:22:42+00:00March 24th, 2020|Blogs, News|