B J S And Associates

Due dates for compliance under Goods & Service Tax (GST)

Dues dates for filling GSTR-3B for the months of February to May 2020.
T/o in last FYInterest ChargedFebruary 20March 20April 20May 2020
Category I: More Than 5 CroresYes @ 9%p.a. instead of 18% (after 15 days from original due date i.e. 20th of next month24 June 202024 June 202024 June 202027 June 2020
Category II: More Than 1.5 Crores but Less Than 5 CroresNo Interest and Late fees levied until the revised due date.29 June 2020s29 June 202030 June 202012 July and 14 July 2020.**
Category III: Less Than 1.5 CroresNo Interest and Late fees levied until the revised due date.30 June 20203 July 20206 July 202012 July and 14 July 2020.***

* Nil for first 15 days from the due date and than after 9% per annum till to the new dates than it will levied @18% per annum.

** There is no concession in rate of interest for filing May,2020 GSTR- 3B. In this situation if you will be delay for filing GSTR- 3B for the month of May 2020 than you will have to pay interest @18% per year for all category of Dealers irrespective of turnover.

*** 12 July 2020 (Last Date) -Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.

*** 14 July 2020 (Last Date) – Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi.

Due Dates for filling GSTR -1
T/o in last FYRemarksOriginal Due DateExtended Due Date
Category I: More Than 5 crore monthly return for the month of Feb-2020 to May-2020 (Late fees has been Waived) monthly returnN.A.11th of the subsequent month30th June 2020
Category II: Turnover up to 1.5 crores (Quarterly for March-2020 quarter)N. A.30 April 202030th June 2020
Category II: Turnover up to 1.5 crores (Quarterly for June-2020 quarter) No extension31st July 202031st July 2020
Due Dates for Other GST Compliances
  • GSTR-5 & 5A by Non-resident taxable person & OIDAR for the month of February, March, April & May 2020 is 20th June 2020
  • GSTR-6 for the month of Match, April, May 2020 for Input Service Distributor (ISD) is 20th June 2020
  • GSTR-7 for the month of Match, April & May 2020 for persons required to deduct TDS under GST is 30th June 2020.
  • GSTR-8 for the month of March, April & May 2020 for e-commerce operator required to collect TCS under GST is 30th June 2020
  • GSTR-9 (Annual Return) (applicable to all the assessee) for FY 2018-19 has been extended to 30th June 2020 (expected to extend further)
  • Intimation for Opting of Composition Scheme GST CMP-02 is 30th June 2020

Due dates for Compliance under Income tax 

  • 07-06-2020 – Due date for payment of Tax deducted by an assessee other than an office of the Government during the month of May 2020. Interest payable @ 9% p.a. is levied for the delayed period up to 30th June 2020
  • 15-05-2020- ​Quarterly return of TCS to be filed for the quarter ending March 31, 2020
    • However, it could be filed on or before 30.06.2020 without any late fee.
  • 30-06-2020- Due date for Quarterly filing of TDS return for the quarter ending March 31, 2020
  • Filing of Income tax return for FY 2018-19 was 31st March which is now revised to 30th June 2020 (Both original and revised returns)
  • Declaration and Payment under VIVAD se Vishwas scheme is extended to 30th June 2020 without any additional payment.
  • Filling of form 61-A (statement of specified financial transactions SFT) is extended to 30th June 2020
  • Payment of Investment under chapter – VIA (i.e., deduction U/s 80[C] like LIC, PPF, Mutual Funds, etc.) for FY 2019-20 which is required to be invested before March 31, 2020 which is now extended upto June 30th, 2020. Hence, any assessee who have missed to make investment before March 31, 2020 can get benefit under Section 80(c) by making investment upto June 30, 2020.

Due dates for Compliances under ESI Act

  • 15-06-2020- ESIC Payment for m/o May-2020
  • 15-06-2020- Provident Fund Payment for m/o May-2020

RBI Relief Measures due to COVID19 Pandemic

  1. Export & Import
    i. Increase in the period of realization and repatriation of export proceeds to India from 9 months to 15 months from the date of export in respect of exports made up to 31 July,2020
    ii. Increase the maximum permissible period of preshipment export credit sanctioned by banks from existing 1 year to 15 months for the disbursements made up to July 31st, 2020
    iii. RBI has decided to extend the time period for completion of remittances against imports into India from 6 months to 12 months from the date of shipments for such imports made on or before 31st July, 2020.
  2. Working capital term loan
    i. Decided to permit landing institutions to extend the moratorium on term loan installments for another three months i.e. from June 1 ,2020 to August 31, 2020.
    ii. In respect of working capital facility sanction in form of cash credit / overdraft , landing institutions are being permitted to allow the deferment of another three months from June 1, 2020 to August 31 ,2020.
    iii. The lending institutions are permitted to convert the accumulated interest on working capital facilities over the deferment period up to August 31 ,2020 into the funded interest term loan facility which shall be payable not later than end of current financial year i.e. March 31 , 2021.
  3. Assessment / NPA:
    i. The moratorium / deferment being provided under covid19 will not lead to change in terms & conditions of loan agreement.
    ii. Accounts which were standard as on March 1 2020, the 90 days NPA norm shall also exclude the extended moratorium deferment period.
    iii. Lending institutions are permitted to reassess the working capital cycle of a borrowing entity up to an extended period till March 31, 2021
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