CA - Ankg & Associates

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To give legal effect to the recommendations of 40^th GST Council meeting held on date 12^th June, 2020, Govt has issued various notifications on date 24^th June, 2020. These are Notifications No. 49/2020, 50/2020, 51/2020, 52/2020, 53/2020 and 54/2020 all dated 24^th June, 2020, Central Tax

In this presentation we have summarized effect of all such notifications in very easy to understand manner.

These notifications are issued to provide for –

1) One time Amnesty Scheme for those who could not furnished their Form GSTR 3B for the period from July 2017 To January 2020

2) Extension of applicable due dates for GSTR 3B , GSTR 1 for from the month of February to August 2020

2a) Taxpayer whose Aggregate Turnover in preceding Financial Year is More Than Rs.5 crore

2b) Taxpayer whose Aggregate Turnover in preceding Financial Year is Upto Rs.5 crore & whose principal place of business is in States or UTs specified in Group A

2c)Taxpayer whose Aggregate Turnover in preceding Financial Year is Upto Rs.5 crore & whose principal place of business is in States or UTs specified in Group B

3) Conditional Waiver / Reduction in Interest & Late Fee on delay in furnishing of GSTR 3B

4) Bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020 in order to bring amendment to Sections 2, 109, 168 & 172 of CGST Act w.e.f. 30.06.2020.

5) Rule 7 of CGST Rules, 2017 has been amended to provide Rate of tax of the Composition Levy. It shall come into force with effect from 1^st April, 2020.

In this presentation we have also provided manner of Computation of Interest & Late fee as applicable in case of delay in furnishing of Return

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