The following amendments will be needed to be passed or notified through the issuance of the legal circulars and legislative amendments, after being approved by the Goods and Services Tax (GST) Council which are as follows: Read more: https://www.ascgroup.in/highlights-of-38th-gst-council-meeting/
The due dates for filing of GSTR-3B for the month of February 2020, March 2020, and April 2020 have been extended up to the last week of June 2020. No late fee, penalty or fineshall be levied for them.
Except for a reduced interest charge, the due dates of filing GSTR-3B for the month of February 2020, March 2020 , and April 2020 stand extended up to the last week of June, 2020. No late fee or penalty or fine shall be levied on them. If any tax payments have been made after a delay of 15 days from the original due dates, they will be attracting a reduced rate of interest at 9% p.a. instead of 18% p.a. The reduced rate of interest charged will apply for the payment of taxes made between 20th March 2020 and 30th June 2020.
The due date for filing the statement-cum-challan in CMP-08 for the last quarter of the FY 2019-20, i.e., January-March 2020 has been extended till the last week of June, 2020. Similarly, the due date for filing of GSTR-4 for the F.Y. 2019-20 has been also extended from 30th April, 2020 to the last week of June, 2020.
It applies to taxpayers availing both the schemes under Section 10 of the CGST Act as well as the Notification No. 2/2019 dated 7th March, 2020.
Insolvency and Bankruptcy Code: The COVID-19 pandemic has severely hit the businesses across India, especially that of the MSMEs since they are unable to operate at the same pace and scale as they were doing before the impact of this virus. Accordingly, the sections have been redefined under the Insolvency and Bankruptcy Code, 2016 to assess the applicability of IBC to the distressed companies as a part of the relief which are as follows:
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