COVID-19 and Indirect Taxation announcements
The COVID-19 has created a health emergency worldwide, the governments across the globe have imposed nationwide lock down to curtail the spread of the virus.
The Indian government has announced certain relaxation and reliefs in terms of the compliance to the GST and Custom laws
Issue of Refunds which are due
The Government via its press release announced to issue refunds which are due under the GST and Custom Law to business entities and individuals to assuage the situation of crash crunch faced by the entities.
24X7 Custom clearances
The Government has announced 24X7 customs clearance till 30th June 2020 for the import and export procedures
Extension of Foreign Trade Policy
The Foreign Trade Policy which generally drafted for a period of 5 years and was valid up to 31st March 2020 has now been extended for another year to provide continuity amidst the global pandemic.
Relaxation in Return Filing
Generally the GST returns are to be filled within 15 days of the following month however the government has allowed business having annual turnover of less than Rs 5 Crores to file their returns for the month March, April and May 2020 by 30th June 2020 without any levy of interest or penalty and for tax payers not falling under the limit a reduced rate of interest @ 9% will be charged for delayed returns beyond the due date.
Extension in filing of GST annual return for FY 2018-19
The due date for furnishing the annual return for FY 2018-19 stands extended from 31st March 2020 to 30th June 2020.
Relaxation under Composition Scheme
The date for opting the Composition Scheme is extended from 1st April 2020 to 30th June 2020 and for the ones who are already registered under the scheme they can make payments and submit their returns by 30th June 2020 for the quarter ended on 31st March 2020.
Relaxation under Sabka Vishwas dispute resolution Scheme
The Government announced that no additional interest would be charged for payments covered under scheme till end of June 2020.
Extension to issue notices , approvals etc.
In view of the unfavourable working conditions the government has decided to provide extension till 30 June 2020 for issue of notices, approvals, appeals, furnishing of returns and other compliances have been extended under the GST and Customs law