IDT Relief Measures in view of Covid-19 Outbreak

In view of the Covid-19 outbreak, The Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman, on 24th March 2020, announced several important relief measures taken by the Government of India on statutory and regulatory compliance matters related to several sectors.

The major relief measures announced for indirect taxes are as follows:

I.Relating to payment of taxes and filing of Return:

1. Due date to file GSTR-3B due in the months of March, April and May 2020 has been extended and now can be filed by the last week of June 2020 for those taxpayers having aggregate annual turnover of less than INR 5 Crores. No interest, late fee and penalty to be charged on delay in payment of tax and filing of return in this case.

2. Other return filers not covered above (whose aggregate turnover exceeds the limit of INR 5 Crores) could file their returns due in the month of March, April and May 2020 by last week of June 2020, but interest would be levied at the reduced rate of 9% (instead of 18%) on delay in payment of tax after 15 days from actual due date. No late fee and penalty to be charged if returns are file till last week of June 2020.

3. For composition dealers:
a. Last date for making payments for the quarter ending 31st March 2020 is extended till last week of June 2020.
b. Filing of return for FY 2019-20 by the composition dealers will be extended till the last week of June 2020.

4. Due date for filing of GST Annual Returns for FY 2018-19, which earlier was 31st March 2020, has now been extended till last week of June 2020.

II. Other relief measures:

1. Last date for opting the composition scheme for FY 2020-21, which was 31st March 2020, has now been extended till last week of June 2020.

2. Payment date under “Sabka Vishwas Scheme” has been extended till 30th June 2020. No interest for this period shall be charged, if paid by 30th June 2020.

3. Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports and any other documents, where the time limit for any compliance under the GST Act, Customs Act and other allied Laws was expiring between 20th March 2020 and 29th June 2020 has now been extended till 30th June 2020

4.  24*7 custom clearance till end of 30th June 2020.

Please feel free to revert on below mentioned email ids in case you need any further clarification or information:

Abhishek Manchanda at abhishek.manchanda@ibadvisors.co and Pallavi Jain at Pallavi.jain@ibadvisors.co