Coronavirus - GST Filing Due Date Extension

Coronavirus or COVID-19 is playing havoc on the global economy leading to crashes in stock market, unemployment, demand slump, etc., Small and medium sized businesses across the world are very susceptible to such shocks and the Government is taking various steps to cushion the economy. With regards to the above and on account of the shutdown across in India, the Government has extended the due date for filing February month GSTR-3B returns. The following are the due date extensions recently announced by the Government.

As per the Government, the following due dates have been extended: Last date for filing March, April and May 2020 GST returns and composition returns have been extended to 30th June 2020 – as per staggered return filing due dates for states. For companies with a turnover of less than Rs.5 crore turnover, no interest, no late fee or no penalty will be charged. For larger companies, late fee and penalty will be charged. Interest on late payment will be charged at a reduced rate of 9%. The date for opting for composition scheme is extended to 30th June 2020. Sabka Vishwas scheme extended till 30th June 2020 with no interest payable for late payment. During the period of lock-down, customs clearance till 30th June 2020 will operate 24 x 7 without any disruption.

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Frequently Asked Questions

Common questions about Coronavirus GST Filing Due Date Extension.

The due date for filing March, April, and May 2020 GST returns and composition returns has been extended to 30th June 2020, as per the staggered return filing due dates for states. This extension is provided to provide relief to businesses during the Coronavirus pandemic.

For companies with a turnover of less than Rs. 5 crore, no interest, late fee, or penalty will be charged for filing GST returns for March, April, and May 2020 by the extended due date of 30th June 2020.

For larger companies with a turnover exceeding Rs. 5 crore, interest on late payment of GST for the months of March, April, and May 2020 will be charged at a reduced rate of 9% if filed by the extended due date of 30th June 2020.

Yes, the date for opting for the composition scheme has been extended to 30th June 2020 to provide relief to small businesses during the Coronavirus pandemic.

Yes, the Sabka Vishwas scheme, which allows for the settlement of disputed tax liabilities, has been extended till 30th June 2020, with no interest payable for late payment.

During the period of lockdown, customs clearance operations will continue to operate 24x7 without any disruption till 30th June 2020, to ensure uninterrupted movement of essential goods and services.

Yes, the extension of due dates for filing GST returns for March, April, and May 2020 to 30th June 2020 is applicable across all states, as per their staggered return filing due dates.

For larger companies with a turnover exceeding Rs. 5 crore, late fee and penalty will be charged for filing GST returns for March, April, and May 2020 after the extended due date of 30th June 2020.

The extensions and relaxations in GST filing due dates, interest rates, and other compliance requirements are provided by the government to cushion the economy and provide relief to businesses, especially small and medium enterprises, during the Coronavirus pandemic and lockdown.

No, the article does not mention any change in the GST return filing process itself. The extensions and relaxations are only related to the due dates, interest rates, late fees, and penalties for filing GST returns during the specified months.