🚨 Key Updates of 40th GST Council Meeting:-
👉🏻Reduction in Late Fee for past Returns:
As a measure to clean up pendency in return filing, the late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, has been reduced/waived as under: –
1. ‘NIL’ late fee if there is no tax liability;
2. Maximum late fee capped at Rs. 500/- per return if there is any tax liability.
The reduced rate of the late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

👉🏻Further relief for small taxpayers for late filing of returns for February, March & April 2020 Tax periods:
For small taxpayers (aggregate turnover up to Rs. 5 Crores), for the supplies effected in the month of February, March and April, 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto 6th July 2020) is reduced from 18% per annum to 9% per annum till In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6th July 2020) and thereafter interest will be charged till 30.09.2020.

👉🏻Relief for small taxpayers for subsequent tax periods (May, June & July 2020):
In wake Of COVID-19 pandemic, for taxpayers having aggregate turnover upto Rs. 5 crore, further relief provided by waiver Of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months Of May, June and July, 2020 are furnished by September 2020 (staggered dates to be notified).

👉🏻One time extension in period for seeking revocation Of cancellation Of registration:
To facilitate taxpayers who could not get their canceled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.

Regards,
LPC Services Team
https://lpcservices.in/.

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac.

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020.

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020.
www.lpcservices.in

Notification no. 62/2020 dated 20/08/2020

Aadhaar verification or Physical verification of premises mandatory for GST registration from 21.08.2020.

Now if you have only Sales Return during any month and no sales during that month...then you dnt need to worry
The #Gstn has enabled the option to mention the Negative figures in Table 3 #GSTR3B.

Three Important GST Notifications:

Waiver and Capping of late fees of Rs. 500/- for the registered persons who fail to furnish the return in FORM GSTR-10 (Final Return) by due date but furnishes the said return between the period from 22nd September, 2020 to 31st December, 2020 vide NN. 68/2020-CT dt. 21.09.2020.

Waiver of late fees for filing GSTR 4, having NIL tax Liability and Capping of Rs. 500/- for those who are having tax liability for quarters in July, 2017 to March, 2020, if furnishes the said return in a period 22nd Sept to 31st Oct, 2020 vide NN. 67/2020 dt. 21.09.2020.

Time limit for issuing invoice if falls between 20 March, 2020 to 30 October, 2020 in respect of goods sent outside India on approval for sale or return basis, now extended to 31st October, 2020 NN. 66/2020-CT dt. 21.09.2020.

Big Announcement:

1. The Companies Fresh Start Scheme (CFSS) which was introduced on 1st April, 2020 and was open till the 30th September, 2020. The scheme offered one-time opportunity to the defaulting companies’ to file all the pending documents including the annual tiling of the company without charging higher additional fees on any delay with the Ministry. The same has now been extended to 31st December, 2020.

2. The LLP Settlement Scheme, 2020 which incentivise compliance and reduce compliance burden during the unprecedented public health situation caused by Covid19. The scheme was a one-time waiver of additional filing fees for delayed filings by the LLPs with the Registrar of Companies during the period starting from 1st April, 2020 and ending on 30th September, 2020. The same has now been extended to 31st December, 2020

GST: E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15
https://www.taxscan.in/gst-e-way-bill-generation-facility-to-be-blocked-for-taxpayers-who-failed-to-file-gstr-3b-for-2-or-more-tax-period-from-oct-15/78890/

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Significant Changes in GST Forms notified on 15th October, 2020 | TaxGuru
https://taxguru.in/goods-and-service-tax/significant-changes-in-gst-forms-notified-15th-october-2020.html

LPC Services: Last Date for filing GST & Income Tax Returns for FY 2018-19 & 19-20.

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