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Coronavirus – GST Filing Due Date Extension


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.