Form PMT –09 is available on GST portal

*GST UPDATE*

https://www.youtube.com/watch?v=BFvbx7j-j8A

*Form PMT –09 is available on GST portal*

Now, taxpayer can transfer the cash balance available under one head to another head of tax i.e. from CGST to SGST or interest or penalty or vice versa.

This is available after clicking on electronic cash ledger on the GST Portal.

👇👇👇👇 नीचे link है वीडियो का।

https://www.youtube.com/watch?v=BFvbx7j-j8A&feature=youtu.be

RELAXATIONS IN GST COMPLIANCES DUE TO COVID-19 OUTBREAK

NOTIFICATIONS NO. 30/2020 CT TO 36/2020 CT dated 3rd April 2020

COMPOSITION TAXPAYERS

1.  Due Date of filing FORM GST CMP-08 for the quarter January to March, 2020 extended to 

07.07.2020

2.  Due Date of filing Form GSTR-4 for FY 2019-20, extended to 15th July 2020.

3.  Taxpayers who have to opt for Composition Scheme for FY 2020-21 can do so by filing Form 

CMP-02 by 30th June 2020.

4.  Such Taxpayers can file Form ITC-03 and pay the Tax on the Stock, by 31st July 2020.

REGULAR TAXPAYERS

GSTR-1

1.  Due Dates not extended

2.  No late fee to be levied if GSTR-1 for the months of March 2020, April 2020 and May 

2020 (Monthly cases) and Quarter January to March 2020 (Quarterly cases) is filed by 

30th June 2020.

GSTR-3B

Due Dates not extended for months Feb, Mar, April. However certain relaxations given:

Taxpayers having aggregate Turnover of Rs. 5 Crores or more in preceding FY 

• No Late Fees payable

• Interest payable @ NIL for first 15 days and 9% thereafter (eg. If there is delay of 30 days 

from Due Date, Interest payable NIL for first 15 days and @ 9% for next 15 days)

• Relaxation available if GSTR-3B for Feb 2020, Mar 2020 and April 2020 filed by 24th June 

2020.

• If Return not filed by 24th June, then late fees and Interest @ 18% payable from Original 

Due Date.

• Due Date for filing GSTR-3B for May 2020 extended to 27th June 2020.

Taxpayers having aggregate Turnover of Rs. 1.5 crore to Rs. 5 Crores in preceding FY 

• No Late Fees payable

• No Interest payable

• Relaxation available if GSTR-3B filed by Date:

a.  Feb 2020 : 29th June 2020

b.  Mar 2020 : 29th June 2020

c.  April 2020 : 30th June 2020

• If Return not filed by these dates, then late fees and Interest @ 18% payable from 

   Original Due Date.

• Due Date for filing GSTR-3B for May 2020 extended to 12th /14th July 2020, (as per State)

Taxpayers having aggregate Turnover of upto Rs. 1.5 crore in preceding FY 

• No Late Fees payable

• No Interest payable

• Relaxation available if GSTR-3B filed by Date:

           a. Feb 2020 : 30th June 2020

           b. Mar 2020 : 3rd July 2020

           c. April 2020 : 6th July 2020

• If Return not filed by these dates, then late fees and Interest @ 18% payable from 

Original Due Date.

• Due Date for filing GSTR-3B for May 2020 extended to 12th /14th July 2020, (as per State)

OTHER RELAXATIONS

1.  The applicability of Rule 36(4) regarding restriction of availment of ITC in respect of Invoices 

not appearing in 2A, has been deferred for months of Feb, Mar, Apr, May, Jun, July and Aug 

2020. The said restriction shall now apply cumulatively for the above periods while filing 

GSTR-3B for Sep 2020.

2.  If the validity of E-way Bills generated expires during period 20th March 2020 to 15th April 

2020, the validity of such e-way bills extended till 30th April 2020.

3.  Extension of Time limit for other compliances under GST Act, which were due during period 

20th March 2020 to 29th June 2020, to 30th June 2020.

4.  Extension applicable to completion of any proceeding or passing of any order or issuance of 

any notice, intimation, notification, sanction or approval etc.

5.  Extension also applicable to filing of any appeal, reply or application or furnishing of any 

report, document, return, statement or such other record.

6.  Extension also applicable to filing for GSTR-7 Return.

7.  Extension will not be available for following compliances:

   a. Chapter IV (relating to Time of Supply/ Value of Supply)

   b. Persons opting out of Composition due to crossing of threshold limit

   c. Liability for Registration

   d. Issue of Tax Invoice

   e. Generation of E-way Bills

   f. Powers to arrest, Penalty for certain offences, Detention seizure of goods and 

   conveyances in transit

E WAY BILL की वैधता दोबारा बढ़ाया गया

देश मे COVID19 के कारण उहापोह की स्थिति है और पूरे देश मे माल के परिवहन पर रोक है , कुछ जरूरी सामग्रियो को छोड़कर  सभी प्रकार के वस्तुओ के ट्रांसपोर्टेशन पर रोक है।

जिन वस्तुओं को एकस्थान से दूसरे स्थान पर पहुचाने के लिए गाड़ियों पर लोड कर निकल चुके थे मगर lockdown के कारण जहां तक पहुचे थे वही रुक गए , तो इस स्थिति में उनकी eway बिल की वैधता 15अप्रैल कर दी गई थी मगर अब दोबारा lockdown  बढ़ाया गया है पूरे देश मे 3 मई लिए  ,कुछ राज्यो में 30 अप्रैल तक ।

अब इन eway bil की वैधता 30 अप्रैल तक बढ़ा दिया गया है






SARFARAJ ANSARI
8545873214
sagzp73@gmail.com

CBIC and Customs gives relief to Trade amid the COVID-19

Central Board of Indirect Taxes and Customs gives relief to Trade amid the COVID-19 crisis.

Relief for Trade, from Central Board of Indirect Taxes and Customs:-

• A late fee on delayed filing of Bill of Entry of import consignments from COVID-19 affected countries waived off
• Requests & documents are being accepted via email to avoid physical visits
• To facilitate work from home, computers & related Irn accessories transferred to residences of STPIs*
• Completion of proceedings & filing of any appeal ti extended till 30th June 2020
• Regular coordination with District Administration/Police authorities for smooth movement of EXIM cargo

Source: https://twitter.com/Ahmd_Customs/status/1249244451081314304

CBIC issued clarification on provisions related to compliance requirement under CGST Act, 2017

The CBIC vide Circular No.137/07/2020 - GST, dated April 13, 2020, which clarified that the compliance requirements under various other provisions of the CGST Act. The following are the appended clarification made by the department are as under:-

S. No.	Issue	Clarification
1.	An advance is received by a supplier for a Service contract which subsequently got cancelled. The supplier has issued the invoice before the supply of service and paid the GST thereon. Whether he can claim a refund of tax paid or is he required to adjust his tax liability in his returns?	In case GST is paid by the supplier on advances received for a future event which got cancelled subsequently and for which invoice is issued before supply of service, the supplier is required to issue a “credit note” in terms of section 34 of the CGST Act. He shall declare the details of such credit notes in the return for the month during which such credit note has been issued. The tax liability shall be adjusted in the return subject to conditions of section 34 of the CGST Act. There is no need to file a separate refund claim. However, in cases where there is no output liability against which a credit note can be adjusted, registered persons may proceed to file a claim under “Excess payment of tax, if any” through FORM GST RFD-01.
2.	An advance is received by a supplier for a Service contract which got cancelled subsequently. The supplier has issued receipt voucher and paid the GST on such advance received. Whether he can claim a refund of tax paid on advance or he is required to adjust his tax liability in his returns?	In case GST is paid by the supplier on advances received for an event which got cancelled subsequently and for which no invoice has been issued in terms of section 31 (2) of the CGST Act, he is required to issue a “refund voucher” in terms of section 31 (3) (e) of the CGST Act read with rule 51 of the CGST Rules. The taxpayer can apply for a refund of GST paid on such advances by filing FORM GST RFD-01 under the category “Refund of excess payment of tax”.
3.	Goods supplied by a supplier under cover of a tax invoice are returned by the recipient. Whether he can claim a refund of tax paid or is he required to adjust his tax liability in his returns?	In such a case where the goods supplied by a supplier are returned by the recipient and where tax invoice had been issued, the supplier is required to issue a “credit note” in terms of section 34 of the CGST Act. He shall declare the details of such credit notes in the return for the month during which such credit note has been issued. The tax liability shall be adjusted in the return subject to conditions of section 34 of the CGST Act. There is no need to file a separate refund claim in such a case. However, in cases where there is no output liability against which a credit note can be adjusted, registered persons may proceed to file a claim under “Excess payment of tax, if any” through FORM GST RFD-01.
4.	Letter of Undertaking (LUT) furnished for the purposes of zero-rated supplies as per provisions of  section16 of the Integrated Goods and Services Tax Act, 2017 read with rule 96A of the CGST Rules has expired on 31.03.2020. Whether a registered person can still make a zero-rated supply on such LUT and claim a refund accordingly or does he have to make such supplies on payment of IGST and claim a refund of such IGST?	Notification No. 37/2017-Central Tax, dated 04.10.2017, requires LUT to be furnished for a financial year. However, in terms of notification No. 35/2020 Central Tax dated 03.04.2020, where the requirement under the GST Law for furnishing of any report, document, return, statement or such other record falls during between the period from 20.03.2020 to 29.06.2020, has been extended till 30.06.2020. Therefore, in terms of Notification No. 35/2020-Central Tax, time limit for filing of LUT for the year 2020-21 shall stand extended to 30.06.2020 and the taxpayer can continue to make the supply without payment of tax under LUT provided that the FORM GST RFD-11 for 2020-21 is furnished on or before 30.06.2020. Taxpayers may quote the reference no of the LUT for the year 2019-20 in the relevant documents.
5.	While making the payment to recipient, the amount equivalent to one per cent was deducted as per the provisions of section 51 of Central Goods and Services Tax Act, 2017 i. e. Tax Deducted at Source (TDS). Whether the date of deposit of such payment has also been extended vide Notification No. 35/2020-Central Tax dated 03.04.2020?	As per notification No. 35/2020-Central Tax dated 03.04.2020, where the timeline for any compliance required as per sub-section (3) of section 39 and section 51 of the Central Goods and Services Tax Act, 2017 falls during the period from 20.03.2020 to 29.06.2020, the same has been extended till 30.06.2020. Accordingly, the due date for furnishing of return in FORM GSTR-7 along with deposit of tax deducted for the said period has also been extended till 30.06.2020 and no interest under section 50 shall be leviable if tax deducted is deposited by 30.06.2020.
6.	As per section 54 (1), a person is required to make an application before the expiry of two years from the relevant date. If in a particular case, the date for making an application for refund expires on 31.03.2020, can such person make an application for a refund before 29.07.2020?	As per notification No. 35/2020-Central Tax dated 03.04.2020, where the timeline for any compliance required as per sub-section (1) of section 54 of the Central Goods and Services Tax Act, 2017 falls during the period from 20.03.2020 to 29.06.2020, the same has been extended till 30.06.2020. Accordingly, the due date for filing an application for refund falling during the said period has also been extended till 30.06.2020.

The Complete Circular can be accessed at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_137_7_2020.pdf

SARFARAJ ANSARI

8545873214

sagzl73@gmail.com

CBIC instruct field officers to expedite the pending refund claims by April 30, 2020

The CBIC vide Instruction No. 2/1/2020 - GST dated April 09, 2020, which states that all pending GST refunds including IGST refunds shall be expeditiously processed. The decision to process the pending refund claims has been taken with a view to provide immediate relief to the taxpayers in these difficult times even though the GST Law provides 15 days for issuing acknowledgment or deficiency memo and total 60 days for disposing of the refund claims without any liability to pay interest, all pending refund applications must be taken up for processing immediately.

However, before granting the refunds on merits, considering all the relevant legal provisions and circulars,  all communication must be done using official email IDs. It may please be noted that the prescribed process doesn’t warrant any physical submission of documents and any such practice must be avoided. As far as the IGST Refunds of the exporters in whose case the / scrolls have been suspended base don instructions from DGARM, the extant procedure prescribed vide letter dated 23.01.2020 shall continue to be followed. Further, it is requested that daily monitoring of disposal of pending refund claims should be done by the Zonal Pr. Chief Commissioner/Chief Commissioners and efforts should be made to dispose of all the pending refund claims by April 30, 2020.

सरकार ने आयकर और जीएसटी के तहत 18,000 करोड़ रुपये की वापसी की घोषणा की ..

सरकार ने घोषणा की है COVID19 को देखते हुए ,करदाता के बकाया रिफंड GST व INCOMETAX के जो कि 5लाख तक है करीब 14लाख व्यपारियो को त्वरित भुगतान करेगी 

Govt has announced 18,000 Cr refund under Income tax and GST.

क्या आप जानते है ? पैन (PAN) और टैन(TAN) के बीच का अंतर

पैन और टैन के बीच अंतर।☝️☝️☝️☝️pic

दोनों स्थायी खाता संख्या (पैन) और कर कटौती और संग्रह खाता संख्या (टीएएन) आयकर विभाग द्वारा विभिन्न उद्देश्यों के लिए जारी किए जाते हैं और इसलिए, एक दूसरे के स्थान पर उपयोग नहीं किया जा सकता है। 

नार्मल से कम्पोजीशन में जाने वाले करदाता ध्यान दे

जिन टैक्सपेयर ने जीएसटी में वित्तीय वर्ष 2019-2020 में रेगुलर TAXPAYER के तौर पर जीएसटी रिटर्न फाइल करते थे , मगर अब वित्तीय वर्ष 2020 -2021 में कम्पोजीशन में जाना चाहते है तो वो अब 30 JUNE 2020 तक जा सकते है पहले यह अंतिम तिथि 31 -03 -2020 थी मगर देश में COVID -19 होने  से बढ़ाया गया है।
अब अगर कोई नार्मल टैक्सपेयर कम्पोजीशन OPT  करता है 1 अप्रैल 2020 से 30 जून 2020 तक तो उस करदाता को ध्यान देना  है वह अप्रैल ,मई या जून किसी भी माह का GSTR 1 व GSTR3 न फाइल करे।
पोर्टल करदाता के रिटर्न में पेंडिंग दिखायेगा की आपने अप्रैल मई या जून की GSTR 1 और GSTR
3B फाइल नहीं की।
आपको केवल  अप्रैल ,मई व जून क़्वार्टर का CMP08  फाइल करना है।
अगर आप गलती से भी किसी भी माह का GSTR 1 या GSTR 3B फाइल करते है तो आप स्वतः ही COMPOSTION से  बाहर कर दिए जायेंगे।
अगर एक पैन पर कई सारे रजिस्ट्रेशन है तो आप को सभी पर रेगुलर या कम्पोजीशन किसी एक ही स्कीम में रहना होगा .

7 key income tax changes effective April 1, 2020( 7 मुख्य बदलाव आयकर में जो 1 अप्रैल, 2020 से प्रभावी है)

Even while the country is in a complete lockdown to control the spread of Coronavirus in the country, the new financial year (FY) 2020-21 has sneaked in from April 1. For income tax purpose, while the FY 2020-21 has begun on April 1 and will end on March 31, 2021, the relevant assessment year (AY) will be AY 2021-22. All income earned during the FY is assessed in the AY and income tax return for FY 2020-21 is accordingly filed in the AY 2021-22.

As a taxpayer and even if one is not a taxpayer, there have been several important changes that one needs to be aware of. Here are a few of those key income tax changes effective April 1, 2020.

1. Financial Year not extended

Firstly, it is important to note that contrary to the concern raised about a change in the financial year, the government had clarified on March 30, 2020, that the financial year has not been extended and the status quo on the same is being maintained. The government had extended the date related to the Indian Stamp Act for certain amendments to be effective from April 1, 2020, which has now been extended to July 1, 2020.

2. Last date for I-T savings extended

If you were not able to make income tax saving for FY 2019-20 because of the lockdown, there’s a piece of good news. The government has allowed taxpayers to invest in PPF, NSC, ELSS or any other tax saving scheme by June 30, 2020, and yet claim tax benefit for the FY 2019-20. The tax benefit under Section 80C, for FY 2019-20 may, therefore, be availed even if the investment is done between April 1, 2020, and June 30, 2020. However, for those who have already made tax-saving investments, can invest till June 30 or anytime later in the FY and avail tax benefit for FY 2020-21.

3. New Tax Regime in-force

Starting FY 2020-21, the income taxpayers will have an option to pay lower income tax rates by foregoing income tax exemptions and deductions or continue paying the same tax rates by availing the deductions. For those availing lower rates will be assessed under the New Tax Regime else the assessee will continue to pay taxes as per Old Tax Regime.

Under the new tax regime, the following will be the new income slabs and tax rates:

• Up to Rs 2.5 lakh – Nil
• From 2,50,001 to Rs 5 lakh – 5 per cent
• From 5,00,001 to Rs 7.5 lakh – 10 per cent
• From 7,50,001 to Rs 10 lakh -15 per cent
• From 10,00,001 to Rs 12.5 lakh – 20 per cent
• From 12,50,001 to Rs 15 lakh – 25 per cent
• Above Rs 15 lakh – 30 per cent

Some important exemptions, deductions available under Income-tax Act that the taxpayer will have to forgo will include – Investments in PPF, ELSS, Life insurance etc, and expense such as home loan repayments, tuition fees etc.

4. Belated return last date extended

The last date to file ITR without late filing fee for AY 2020-21(FY 18-19) was August 31, 2020. The late filers could file their belated return by March 31, 2020, which now has been extended by the government to June 30, 2020. The penalty of Rs 10,000 as a late filing fee for those with income above Rs 5 lakh will, however, needs to be paid.

5. Interest on due tax

If as a taxpayer you have delayed payments of advanced tax, self-assessment tax, regular tax, TDS, made between 20th March 2020 and 30th June 2020,  the government has reduced interest rate at 9 per cent instead of 12 per cent per annum ( i.e. 0.75 per cent per month instead of 1 per cent per month.

6. Dividend taxable

From this FY, the dividend received by equity shareholders and equity mutual fund investors will become taxable as per one’s income tax slab. Till now, the company declaring the dividend was levying Dividend Distribution Tax (DDT) before the distribution of dividends to the investor but now that will stop. The tax on dividend will be paid by investor now. For equity MF investors, the DDT of 11.64 per cent was deducted before receiving the dividend amount. Those investors in higher tax slab will be impacted more because of this new rule.

7. Home loan for first-time buyers

For the first time buyer of a home, the government has extended the tax benefit available on interest payment of the home loan. Under Section 80EEA, the borrower can avail a deduction of up to Rs 1.5 lakh on home loan interest payment subject to certain conditions. One such condition is that the home loan needs to be sanctioned by the lending institution during the period from 1st April 2019 to 31st March 2020 which has now been extended to March 31, 2021. Importantly, the value of the home as per the stamp duty needs to be within Rs 45 lakh.

CBIC amends CGST Rules to relax the restrictions of Rule 36(4) for the period Feb to Aug 2020

The CBIC vide Notification No. 30/2020- Central Tax dated April 3, 2020 made following amendments to Central Goods and Services Tax Rules, 2017 (“CGST Rules”):

1. Inserted following proviso to Rule 3(3) of CGST Rules w.e.f. March 31, 2020:-

“Provided that any registered person who opts to pay tax under section 10 for the financial year 2020-21 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, on or before 30th day of June, 2020 and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of rule 44 up to the 31st day of July, 2020.”

Rule 3(3) of the CGST Rules:

“3. Intimation for composition levy:

(3) Any registered person who opts to pay tax under section 10 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, prior to the commencement of the financial year for which the option to pay tax under the aforesaid section is exercised and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of rule 44 within a period of sixty days from the commencement of the relevant financial year.”

2. Inserted following proviso to Rule 36(4) of the CGST Rules:

“Provided that the said condition shall apply cumulatively for the period February, March, April, May, June, July and August, 2020 and the return in FORM GSTR-3B for the tax period September, 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months in accordance with the condition above”

Rule 36(4) of the CGST Rules:

“36. Documentary requirements and conditions for claiming input tax credit.-

(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 10 per cent. of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37.”Therefore, for the GST Returns of the period February 2020 to August 2020, the Input Tax Credit (“ITC’) as per books can be claimed without considering the ITC as per GSTR – 2A. However, the ITC claimed has to be matched as per rule 36(4) in a consolidated manner with GSTR – 2A before filing the GSTR – 3B of the month of September 2020.

The Notification can be accessed at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-30-central-tax-english-2020.pdf

CBIC Issues Notification to provide Relief by Way of Lowering the rate of Interest on Payment of Tax by Form GSTR-3B

The Central Board of Indirect Taxes & Customs (“CBIC”) vide Notification No. 31/2020 – Central Tax dated April 3, 2020 has sought to provide relief by conditional lowering of interest for the tax periods of February 2020 to April 2020 w.e.f March 20, 2020.

The Notification makes amendment in Notification 13/2017 – Central Tax dated June 28, 2017 by way of insertion of a proviso in the first paragraph providing for reduction in rate of interest for the class of registered persons who are required to furnish FORM GSTR 3B as follows –

Serial No.	Class of Registered Persons	Rate of Interest	Tax Period	Condition
1.	Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year. (Rs. 5 Cr and > above)	Nil for first 15 days from the due date, and 9% thereafter	February 2020 March 2020 April 2020	If the Return in FORM GSTR 3B is furnished on or before the June 24, 2020.
2.	Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year. (Rs. 1.5 Cr and up to Rs. 5 Cr)	Nil	February 2020 March 2020	If the Return in FORM GSTR 3B is furnished on or before June 29, 2020
			April 2020	If the Return in FORM GSTR 3B is furnished on or before June 30, 2020
3.	Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year. (Up to Rs. 1.5 Cr)	Nil	February 2020	If the Return in FORM GSTR 3B is furnished on or before June 30, 2020
			March 2020	If the Return in FORM GSTR 3B is furnished on or before July 3, 2020
			April 2020	If the Return in FORM GSTR 3B is furnished on or before July 6, 2020

Read more at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-31-central-tax-english-2020.pdf

CBIC Issues Notification to provide relief by Way of Waiver of Late Fees Payable in Form GSTR-3B

The Central Board of Indirect Taxes & Customs (“CBIC”) vide Notification No. 32/2020 – Central Tax dated April 3, 2020 has sought to provide the relief by waiver of late fees for delay in furnishing of return in FORM GSTR 3B for the tax periods of February 2020 to April 2020 w.e.f March 20, 2020.

The Notification makes amendment in Notification 76/2018 – Central Tax dated December 31, 2018 by way of insertion of a proviso after the second proviso providing for waiver of amount of late fee payable for the class of registered persons who are required to furnish the return in FORM GSTR 3B as per the table below -

Serial No.	Class of Registered Persons	Tax Period	Condition
1.	Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year. (Rs. 5 Cr or More)	February 2020, March 2020 and April 2020	If the Return in FORM GSTR 3B is furnished on or before the June 24, 2020.
2.	Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year. (More than Rs. 1.5 Cr and Up to Rs. 5 Cr)	February 2020, March 2020	If the Return in FORM GSTR 3B is furnished on or before June 29, 2020.
		April 2020	If the Return in FORM GSTR 3B is furnished on or before June 30, 2020.
3.	Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year. (Up to Rs. 5 Cr)	February 2020	If the Return in FORM GSTR 3B is furnished on or before June 30, 2020
		March 2020	If the Return in FORM GSTR 3B is furnished on or before July 3, 2020
		April 2020	If the Return in FORM GSTR 3B is furnished on or before July 6, 2020

Read more at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-31-central-tax-english-2020.pdf

CBIC Extends Due Date of Furnishing CMP 08 and Filing of Form GSTR 4 for F.Y 2019 – 20

The Central Board of Indirect Taxes & Customs (“CBIC”) vide Notification No. 34/2020 – Central Tax dated April 3, 2020 has sought to extend the due date of furnishing FORM GST CMP-08 for the quarter ending March, 2020 till July 7, 2020 and filing of FORM GSTR-4 for the F.Y  2019-20  till July 15, 2020.

The Notification makes amendment in Notification No. 21/2019 – Central Tax dated April 23, 2019 (“said Notification”) by way of insertion of a proviso after the second paragraph providing that –

The said persons shall furnish a statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017, for the quarter ending 31st March, 2020, till the July 7, 2020.

In the 3^rd Paragraph of the said Notification, the following proviso shall be inserted providing that –

The said persons shall furnish the return in FORM GSTR-4 of the Central Goods and Services Tax Rules, 2017, for the financial year ending 31st March, 2020, till the 15th day of July, 2020.

http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-34-central-tax-english-2020.pdf

RBI COVID-19 – Regulatory Package

All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks)
All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks
All All-India Financial Institutions
All Non-Banking Finance Companies (including Housing Finance Companies)

Madam/Dear Sir,

COVID-19 – Regulatory Package

Please refer to the Statement of Development and Regulatory Policies released on March 27, 2020 where inter alia certain regulatory measures were announced to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses. In this regard, the detailed instructions are as follows:

(i) Rescheduling of Payments – Term Loans and Working Capital Facilities

2. In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) (“lending institutions”) are permitted to grant a moratorium of three months on payment of all instalments1 falling due between March 1, 2020 and May 31, 2020. The repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.

3. In respect of working capital facilities sanctioned in the form of cash credit/overdraft (“CC/OD”), lending institutions are permitted to defer the recovery of interest applied in respect of all such facilities during the period from March 1, 2020 upto May 31, 2020 (“deferment”). The accumulated accrued interest shall be recovered immediately after the completion of this period.

(ii) Easing of Working Capital Financing

4. In respect of working capital facilities sanctioned in the form of CC/OD to borrowers facing stress on account of the economic fallout of the pandemic, lending institutions may recalculate the ‘drawing power’ by reducing the margins and/or by reassessing the working capital cycle. This relief shall be available in respect of all such changes effected up to May 31, 2020 and shall be contingent on the lending institutions satisfying themselves that the same is necessitated on account of the economic fallout from COVID-19. Further, accounts provided relief under these instructions shall be subject to subsequent supervisory review with regard to their justifiability on account of the economic fallout from COVID-19.

Classification as Special Mention Account (SMA) and Non-Performing Asset (NPA)

5. Since the moratorium/deferment/recalculation of the ‘drawing power’ is being provided specifically to enable the borrowers to tide over economic fallout from COVID-19, the same will not be treated as concession or change in terms and conditions of loan agreements due to financial difficulty of the borrower under paragraph 2 of the Annex to the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019 (“Prudential Framework”). Consequently, such a measure, by itself, shall not result in asset classification downgrade.

6. The asset classification of term loans which are granted relief as per paragraph 2 shall be determined on the basis of revised due dates and the revised repayment schedule. Similarly, working capital facilities where relief is provided as per paragraph 3 above, the SMA and the out of order status shall be evaluated considering the application of accumulated interest immediately after the completion of the deferment period as well as the revised terms, as permitted in terms of paragraph 4 above.

7. The rescheduling of payments, including interest, will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs) by the lending institutions. CICs shall ensure that the actions taken by lending institutions pursuant to the above announcements do not adversely impact the credit history of the beneficiaries.

Other Conditions

8. Lending institutions shall frame Board approved polices for providing the above-mentioned reliefs to all eligible borrowers, inter alia, including the objective criteria for considering reliefs under paragraph 4 above and disclosed in public domain.

9. Wherever the exposure of a lending institution to a borrower is ₹ 5 crore or above as on March 1, 2020, the bank shall develop an MIS on the reliefs provided to its borrowers which shall inter alia include borrower-wise and credit-facility wise information regarding the nature and amount of relief granted.

10. The instructions in this circular come into force with immediate effect. The Board of Directors and the key management personnel of the lending institutions shall ensure that the above instructions are properly communicated down the line in their respective organisations, and clear instructions are issued to their staff regarding their implementation.

Yours faithfully,

(Saurav Sinha)
Chief General Manager-in-Charge