GST Compliance Calendar – August 2020
August, the month of independence, the month of festivals!
The world is moving ahead amidst the pandemic and India, along with the entire world is eyeing for the COVID-19 vaccine which can help the world heal. Until then, businesses and citizens have to bear the brunt of the current situation be it of the health-care or the economy.
Amidst the pandemic, IRIS GST has been updating our readers about all the latest happenings and upgrades in the GST law via latest circulars and notifications.
The government has announced that it may not be bringing the new returns, but an advanced version of the current GST filing system will be introduced. The changes made will be for the ease of compliance for the taxpayers. From 1st Oct 2020, turnover limit for applicability of E-Invoicing is enhanced to Entities having turnover above 500 Crores (Earlier it was INR 100 Crores)The government has also added facilities like filing NIL GSTR 3B via SMS and NIL GSTR 1 via SMS for the convenience of the taxpayers.
As many companies are struggling for GST refunds, we have prepared an in-depth collection of articles on GST Refund forms:
- RFD-01 and RFD-01A – The Refund Application
- Form RFD 02 – Acknowledgement to RFD-01
- Form RFD 03 – The Deficiency Memo
- Form RFD 04 – Provisional Refund Order
- Form RFD 05 – Payment Advice
- Form RFD 06 – Final Refund Order
Two other forms for Composition taxpayers have been introduced recently – ITC-03 and Annual GSTR 4. ITC-03 is for the taxpayers who have opted for Composition Scheme and have to reverse their ITC for the credit availed. And, GSTR 4 – Annual Return is live now on GST Portal and can be filed by composition scheme holders.
Another great update from the government is that both the CBIC (Central Board of Indirect Taxes and Customs) and CBDT (Central Board of Direct Taxes) have signed a memorandum of understanding for data exchange. This memorandum facilitates the sharing of data and information between CBDT and CBIC on an automatic and regular basis.
The Madras High Court has ruled that the time limit for availing Transitional Input Tax Credit (ITC) is mandatory in nature, not directory. Hence, the time limit prescribed to avail it under Rule 117 must be followed in a mandatory nature.
In another Maharashtra AAR, it was suggested that the GST will not be applicable on Expat’s Salary if the Indian project office (PO) of an MNC is accounting for the salary of an expatriate employee which was required under Indian Accounting Standards
The GST Collection for the month of June has seen a rise as compared to April and May. As per the government data, the GST gross revenue for June was Rs 90,917 crore. For April it was Rs 32,294 crore and Rs 62,009 crore for May. However, the June collection has seen a decline of 9 per cent compared to the same month last year due to the lockdown situation. The GST collection figures for July are awaited.
Coming to the compliance due-dates for August, there are multiple actual and extended dates for taxpayers to take care of. Thus, we have created this calendar marking all the important dates and notes for ease of understanding. Please also read the additional information and notes below the calendar for a detailed overall compliance report.
Here is the Compliance Calendar for August:
CBIC has extended the benefit of late fees cap for all the categories of taxpayer irrespective of turnover limit for GSTR 3B via Notification 57/2020:
|GSTR 3B Liability||Tax Period||Failed to file within||Filed within||Late fees|
|Nil||Jul 17 to Jan 20||Actual due date||1st Jul 20 to 30th Sept 20||Zero|
|Other than Nil||Jul 17 to Jan 20||Actual due date||1st Jul 20 to 30th Sept 20||Rupees 500|
|Nil||Feb 20 to Jul 20||Later of the actual due date or Specified dates||Later of the actual due date or Specified dates to 30th Sept 20||Zero|
|Other than Nil||Feb 20 to Jul 20||Later of the actual due date or Specified dates||Later of the actual due date or Specified dates to 30th Sept 20||Rupees 500|
GST Compliance Calendar – July 2020
July – the month marks the onset of monsoon. While the country awaits first showers, unlock 2.0 has begun and economy is gearing back to normalcy.
It also marks the third anniversary of GST introduction in the country! These 3 years have been quite happening; we learnt and unlearnt many things where ITC maximization became the norm, and VAT, Service tax related processes became a passé.
To help businesses battle the pandemic, government is constantly taking measures:
- The 40th GST Council Meeting took several important decisions on due dates and yet another meeting is expected in July.
- Several notifications were issued in the June month with this regard, you may take note of the same here: Waiver of interest and late fee and extension of Due dates.
- Additionally, government has released new forms like ITC-02A
- And has also announced new measures for the MSME sector.
- Facility to file NIL GSTR 1 and NIL GSTR 3B via SMS has also been introduced for taxpayers who are registered under Companies Act 2013.
As many companies are strugglingfor GST refunds, we have prepared an in depth collection of important articles on GST Refunds
- The Process to file RFD-01 and RFD-01A
- Form RFD 02
- Form RFD 03
- Steps to Track The GST Refund Application
- Steps to lodge a complaint if your GST refund is not processed
Amidst so many changes in due dates, here is a summary of all the important dates for GST Compliance in the month of July
|Return type||Tax payer category||Tax period||Actual Due date||Specified Date|
|GSTR 3B||Turnover above₹ 5 Cr.||June 20||20th July 20|
|Turnover upto₹5 Cr. In preceding FYand
falling in Category 1(Read note 1)
|March 20||22nd April 20||3rd July 20|
|April 20||22th May 20||6th July 20|
|May 20||12nd July 20|
|June 20||22nd July 20|
Turnover upto 5 ₹Cr. In preceding FY and falling in Category 2
(Read note 1)
|March 20||24th April 20||5th July 20|
|April 20||24th May 20||9th July 20|
|May 20||14th July 20|
|June 20||24th July 20|
|GSTR 1||Monthly (Read note 2)||March 20||11th April 20||10th July 20|
|April 20||11th May 20||24th July 20|
|May 20||11th June 20||28th July 20|
|June 20||11th July 20|
|Quarterly (Read note 2)||March 20||30th April||17th July 20|
|June 20||31st July 20|
|CMP08||Quarterly||March 20||7th July 20|
|June 20||18th July 20|
|GSTR 4||Annual||2019-20||15th July 20|
|GSTR 5A||Monthly||June 20||20th July 20|
Key points to note
Note 1: As per notification no 52/2020 and notification 51/2020, late fees is waived, if filed within specified dates. Interest nil if filed within specified dates and @ 9% thereafter till 30th Sept 2020
Note 2: As per notification no 53/2020, late fees is waived, if filed within specified dates.
Note 3: For taxpayer having turnover above ₹5 Cr. no relief is provided for the months other than February, March and April 2020. Hence theses taxpayers have to file monthly GSTR 3B by 20th of following month
Note 4: For taxpayers having turnover below ₹5 Cr. relief in terms of late fees waiver and nil interest is provided for the months February 2020 to April 2020
Note 5: Benefit of late fees cap for all the categories of taxpayer irrespective of turnover limit for GSTR 3B
|GSTR 3B Liability||Tax Period||Failed to file within||Filed within||Late fees|
|Nil||Jul 17 to Jan 20||Actual due date||1st Jul 20 to 30th Sept 20||Zero|
|Other than Nil||Jul 17 to Jan 20||Actual due date||1st Jul 20 to 30th Sept 20||Rupees 250|
|Nil||Feb 20 to Jul 20||Later of actual due date or Specified dates||Later of actual due date or Specified dates to 30th Sept 20||Zero|
|Other then Nil||Feb 20 to Jul 20||Later of actual due date or Specified dates||Later of actual due date or Specified dates to 30th Sept 20||Rupees 250|
States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh
Union territories: Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha
Union territories: Jammu and Kashmir, Ladakh, Chandigarh and Delhi
Update on Other Compliances
Kindly note due dates of GSTR 5, 6, 7 and 8 for the month of June 2020 is extended to 31st August 2020
Also due date of ITC 04 for March 2020 and June 2020 quarter is extended to 31st August 2020
Due date of GSTR 9, 9A and 9C for FY 2018-19 is on 30th September 2020
You can also get all these GST and other updates in your Peridot App. Upgrade to Peridot 3.2 and stay updated.
GST Compliance Calendar – June 2020
June, the sixth month of the year 2020 is already here. Lockdown 5.0 has begun and it acts differently for different parts of the country. The states are dealing with the pandemic as per the COVID-19 situations in their areas.
There were many GST changes that were implemented after the decisions made in the 39th GST Council Meeting, held on March 14, 2020. The next GST Council meeting has been apparently scheduled on June 14th 2020 wherein several new decisions will be made and released. This will be the first after the outbreak of CoronaVirus in the country. In the lockdown, many relief measures and GST Updates were announced for businesses to stay afloat. Here is a list of all the GST Updates:
- Lockdown 1: COVID 19 Relief measures introduced on 24th March 2020
- Advisory for Composition Dealers amidst COVID 19
- Form PMT 09 for transfer of E-Cash Ledger Balance
- Clarification Issued by CBIC for GST Refund Issues
- Lockdown 3.0: COVID 19 New Relief Measures issued in May
- Updates in GST Dues dates amidst COVID 19 Lockdown
In this month, on the 21st, we also celebrate International Day of Yoga led by India for the world. Talking about health, a good part of it depends upon our immune system. We have covered several yogic asanas and pranayamas to build immunity and improve one’s fitness in our 21 days Positivity WFH Dossier. It also covers #EverythingGST and ‘Book wisdom’ for our readers.
The first showers are expected soon. However, along with the sense of joy and pleasantness, this time it also accompanies concern citing the outbreak of the pandemic and the possible cyclone Nisarga forecast for Maharashtra and Gujarat. We urge all our readers to keep health in check and help each other out in this time of global crises.
It wouldn’t be wrong to call June the month of Compliance Due Dates. Since the lockdown phase, several of the GST due dates were either pushed ahead to June or their interest and late fees were waived off until 30th June. Hence, many businesses will now have to file their GST Returns citing the compliance dates are near. As this month is quite crucial, we have covered all the important due dates in a downloadable infographic.
Here is the complete calendar with all the due dates for June.
GST Compliance Calendar – May 2020
May the Force be with You!
India is currently under Lockdown 3.0 which was extended on 3rd May and will continue until 17th of May citing the Corona Virus outbreak. 2020 has not just witnessed a medical pandemic with COVID-19 but also a financial pandemic as it is widely affecting businesses, the stock-market and even the GST Collection.
Just like April, the month of May will also see a decreased GST collection.
Do read the ‘New Announcements and Notifications amidst COVID 19’ that the government released in view of the pandemic. These measures have proven to be a big relief to the taxpayers, businesses, companies and even the transporters.
IRIS GST would like to make all our readers aware of the fraud websites and fake messages with links asking for personal information citing the new updates regarding GST amidst COVID-19. Please do not click any link on your WhatsApp or social media promising a refund. Visit gst.gov.in or irisgst.com for authentic GST updates.
Another big challenge that the country is facing right now is of expired E-Way Bills. So to combat the issue, Government has extended the validity of E-way bills generated on or before 24th March 2020 with expiry between 20th March- 15th April until 31st May 2020, according to Notification No. 40/2020-Central Tax.
The GST Compensation to the states has been delayed due to the lack of funds at the centre. The funds can serve as a big relief to the states to cover the losses due to the lockdown scenario.
The income tax department recently announced that businesses need not include their GST (Goods and Service Tax) and GAAR (General Anti-Avoidance Rules) Report in the income tax audit until 31st March 2021.
The month of May will see commemorative days like Mother’s Day, Technology Day and Sorry Day along with festivals like Buddha Purnima and EID AL FITR that we must celebrate staying indoors.
If you haven’t seen our #WorkFromHome initiative for the lockdown, please check it out here: #WFH Positivity Dossier wherein we share #EverythingGSTin21Days along with that we also share a yoga posture and wisdom from best self-help/business books to relieve the stress and anxiety which is natural to come up during this time.
In the Content Calendar of May 2020, we have added upcoming due dates for updated GST Returns along with Income Tax Returns. The additional information regarding these returns has been mentioned below in utmost detail for your easy reference.
Here’s our Compliance Calendar for May 2020:
- The due dates of GSTR5, GSTR 5A, GSTR 6, GSTR 7, GSTR and GSTR 8 for April 2020 have been extended to June 30th, 2020.
- The due dates for GSTR 1 and GSTR 3B for April have NOT been extended, however, the interest for late filing has been waived off within specified dates (June-July 2020)
- Below are timelines without late fees and interest waiver
|Sr. No.||Class of taxpayers||State/Union Territories||Due date for filing the Form GSTR-3B|
|1||Aggregate turnover up to INR 5 crores||Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Union territories of Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman & Nicobar Islands and Lakshadweep||22nd May|
|2||Aggregate turnover up to INR 5 crores||Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Union territories of Jammu & Kashmir, Ladakh, Chandigarh and Delhi||24th May|
- For taxpayers having turnover above 5 crores ,below are timelines without late fees waiver and interest benefit.
- Due date is 20th May
- Interest benefit is due date +15 days of grace period post which 9% interest rate will be applicable, so due date becomes 20th May + 15 days
- The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020.
- The benefit of the extended due date shall not be available in respect of payment of tax. However, any delay in payment of tax which is due for payment from 20-03-2020 to 29-06-2020 shall attract interest at the lower rate of 0.75% for every month or part thereof if the same is paid after the due date but on or before 30-06-2020.
Dates for below compliances is extended from May filings till 30th June, 2020
15 May 2020
- Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of March, 2020
- Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2020 has been paid without the production of a challan*
- Quarterly statement of TCS deposited for the quarter ending March 31, 2020
- Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of April, 2020*
30 May 2020
- Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2019-20
31 May 2020
- Quarterly statement of TDS deposited for the quarter ending March 31, 2020
- Return of tax deduction from contributions paid by the trustees of an approved superannuation fund
- Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of the financial year 2019-20*
- Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2019 by reporting financial institutions
GST Compliance Calendar – April 2020
The fourth month of 2020 – April has arrived and ideally, it is touted as the start of the new financial year. However, unlike every year, April isn’t as valued as before citing the insane Corona Virus outbreak not just in the country but globally! It is a world-wide pandemic situation and the world is fighting against the crisis with all its might.
The Indian government has taken a huge step to combat the situation with a 21-day lockdown which was announced from 25th of March and is set to get over by April 14. However, all the state and even the central government have been stating that the lockdown may either extend or even if it gets lifted, the restrictions will remain on movement in order to control the spread of the virus.
On the GST front, the government had seen a sharp drop in the collections in March and it will continue further in April considering the lockdown condition. Our finance ministry has taken multiple steps to offer some relief to businesses and companies along with transporters.
To tackle the economic impact of COVID-19, the government has announced several extensions of GST Returns for the month of March, April and May 2020. Most of the filing dates have been pushed to June 30. The date for opting for composition scheme has also been extended to June 30, 2020. You can read the New Announcements here
A recent news update states that the finance ministry is set to release Rs 20,000 crore in pending goods and service tax (GST) compensation to all the states soon. It is not taken from the compensation cess but from the Consolidated Fund of India, a report from Economic Times confirmed.
The government has also extended the validity of all the e-way bills till April 30, which were customary to expire between March 20 and April 15. Indeed a big relief to the industry facing issues of supplies and goods stuck in transit amidst the nationwide lockdown due to Corona.
On the IRIS GST front, our team members are working from home diligently and are available to help our clients with the regular GST and E-way Bill operations among any other assistance.
To keep ‘up the positivity’ during this global pandemic situation, IRIS GST has started an initiative named #WFH Positivity Dossier wherein we share #EverythingGSTin21Days along with that we also share a yoga posture every day to relieve the stress and anxiety which is natural to come up during this time. Plus as an added bonus, we also share wisdom from best self-help and business books in pointers like quick bites! Subscribe for your daily dose here!
Hope this initiative serves you well!
Stay home, follow social distancing, and stay safe!
Here is the compliance calendar for April 2020