EXTENSION IN THE LAST DATE OF FILING GST RETURNS DUE TO NOVEL COVID-19 PANDEMIC
The Ministry of Finance has come up with the notification regarding the extension in the last date of filing of GST returns as provided under the Goods and Services Tax Act, 2017 (“GST”). The step is taken in view of the novel disease coronavirus due to which a maximum number of taxpayers facing lots of difficulties.
The Government has extended the last of filing of GST return i.e, GSTR 3B for the month of March, April and May to 30th June 2020. It is said that no late fees shall be applicable in case the GST return is being filed within the timelines as provided.
Apart from this the govt. has also extended the date for opting to composition scheme to last week of June month. Further, the tax payment (Composition Dealers) for the quarter which is ending 31st march 2020 is also extended till the last week of June month.
This will result in a fall of GST revenue collection drastically, in the month of February 2020 govt, has collected GST revenue of more than 1 lakh crores for the fourth consecutive month. This is definitely a great loss for the central govt. revenue.
Different ministries have also come up with various relaxations in compliance with laws for companies as well as for the individual.
We hope that the government get the solution asap to fight against the NOVEL COVID-19 PANDEMIC so that the business transaction can carry out smoothly.
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