The Key Decisions of 40th GST Council Meeting held on 12 June 2020 are as follows:
1. Nil late fees for GSTR-3B if there is no tax liability, for all those who have not filed GST returns for tax period July 2017 - Jan 2020.
2. For people who have a tax liability, the maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500. This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020.
3. For small taxpayers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%
4. Small taxpayers whose aggregate turnover is up to ₹ 5 crores will be provided with a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020
5. Taxpayers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020, In all cases where registration has been cancelled till June 12, 2020
Saturday 13 June 2020
Wednesday 3 June 2020
Measures announced for MSME
1. Technology platform
CHAMPIONS
Portal launched on June 01, 2020 for MSME to get new opportunity, identify and encourage spark, grievance redressal.
https://champions.gov.in/MyMsme/grievance/COM_Grievance_Welcome.aspx
2.MSME Samadhan- Delayed payment monitoring system
Portal launched on June 01, 2020 for MSME to get new opportunity, identify and encourage spark, grievance redressal.
https://champions.gov.in/MyMsme/grievance/COM_Grievance_Welcome.aspx
2.MSME Samadhan- Delayed payment monitoring system
It
aims at empowering micro and small entrepreneurs across the country to register
their delayed payment cases related to the Ministries and Departments under the
Union Government as well as Central Public Sector Enterprises so also all the
State governments and their Public Sector Undertaking. For details refer link
MSME SAMBANDH
is a Public Procurement Policy Monitoring Portal, sharing factsheets about
public procurement by Central Public Sector Enterprises (CPSEs), and facilitating officer login to publish such factsheet. For details refer below link
https://samadhaan.msme.gov.in/MyMsme/MSEFC/MSEFC_Welcome.aspx
4. MSME SAMPARK Portal
The
MSME Sampark portal is a digital platform,
wherein, job seekers (passed out trainees/students of 18 MSME Technology Centers) For details refer below link
http://sampark.msme.gov.in/
Statutory Due Date Chart for June 2020
Due Date
|
Category
|
Form
|
Description
|
04/06/20
|
GST
|
GSTR-3B
|
For April by taxpayers having an aggregate turnover of more than Rs. 5cr in the previous financial year.
|
07/06/20
|
Income Tax
|
Challan No. ITNS- 281
|
Payment
of TDS/TCS deducted/collected in May.
|
15/06/20
|
Income
Tax
|
Challan
No.280
|
Deposit
of First Instalment of Advance Tax (15%) by all assesses (other than 44AD
& 44ADA cases).
|
15/06/20
|
Provident Fund
|
ECR
|
E-payment
of PF for May 2020.
|
15/06/20
|
ESI
|
ESI
Challan
|
ESI
payment for May 2020.
|
24/06/20
|
GST
|
GSTR-3B
|
For February, March & April by Taxpayers having turnover of more than Rs. 5cr in a previous financial year with interest @ 9% PA.
|
27/06/20
|
GST
|
GSTR-3B
|
Summary
Return cum Payment of Tax for May by Taxpayers having an aggregate turnover
of more than Rs. 5cr in previous financial year.
|
29/06/20
|
GST
|
GSTR -3B
|
Summary
Return cum Payment of Tax of February, March by Taxpayer with turnover
between 1.5 – 5cr.
|
30/06/20
|
Equalization
levy
|
Form
1
|
E-filing
of Annual Statement of Equalization Levy (Google Tax/Tax on Digital Ads) for
2019-20.
|
30/06/20
|
Service Tax
|
-
|
Payment
of disputed amount of tax & Waiver of interest and penalty under Sabka
Vishwas Scheme.
|
30/06/20
|
Income
Tax
|
-
|
Payment
of disputed amount of tax & Waiver of interest and penalty under Vivad se
Vishwas Scheme.
|
30/06/20
|
Income
Tax
|
Online form
|
Uploading
declarations received in Form 15G/15H during quarter ending March.
|
30/06/20
|
Income
Tax
|
Form
61A
|
Furnishing
of Statement of Financial Transactions as required to be furnished u/s
285BA(1) for 2019-20. (For all tax audit assesses also receiving cash of more
than 2 lacs against sales.)
|
30/06/20
|
Income Tax
|
ITR-1 to 7
|
Laat
date of filing original & revised ITR for AY 2019-20
|
30/06/20
|
Income
Tax
|
-
|
Payment
of life insurance premium, deposit of PPF etc. for saving tax of FY 19-20
|
30/06/20
|
Income Tax
|
-
|
Investment
etc. for Capital Gains exemption in FY 19-20.
|
30/06/20
|
Income
Tax
|
-
|
Linking
of PAN with Aadhaar.
|
30/06/20
|
Income Tax
|
Challan No. ITNS-281
|
Payment
of TDS Deducted in March (both salary & non salary) with interest of
0.75% p.m.
|
30/06/20
|
Income
Tax
|
Challan
No. ITNS-281
|
Payment
of TCS collected in March with interest @ 0.75% p.m.
|
30/06/20
|
Income Tax
|
Challan No. ITNS-281
|
Payment
of TDS/TCS collected in April & May with interest @ 0.75% p.m.
|
30/06/20
|
Income
Tax
|
Challan
No. 280
|
Payment
of balance Advance income tax by All. (for sec 234B & 234C) with interest
@0.75% pm.
|
30/06/20
|
Income Tax
|
Form 26QB
|
Deposit
of TDS on payment made for purchase of property in May.
|
30/06/20
|
Income
Tax
|
Form
26QB
|
Deposit
of TDS on payment made for purchase of property in February, March &
April with interest @0.75% p.m.
|
30/06/20
|
Income Tax
|
Form 26QC
|
Deposit
of TDS @5% on total payment of rent more than 50,000 pm by individual or HUF
(not liable to tax audit) during last FY, with interest @0.75% p.m.
|
30/06/20
|
Income
Tax
|
Form
24Q, 26Q, 27Q
|
TDS
statements for Q4 of 19-20.
|
30/06/20
|
Income Tax
|
Form 27EQ
|
TCS
statements for Q4 of 19-20.
|
30/06/20
|
Income
Tax
|
Form
26QQA
|
Quarterly
return of non-deduction of tax at source by banks from interest on fixed
deposits for quarter ending March.
|
30/06/20
|
Income Tax
|
Form 16
|
Issue
of salary TDS certificate for 19-20.
|
30/06/20
|
Income
Tax
|
Form
16A
|
Issue
of non- salary TDS certificate for Q4 of 19-20.
|
30/06/20
|
Income Tax
|
Form 16B
|
Issue
of TDS certificate for tax deducted u/s 194IA on purchase of property for
payment made in February, March, April 2020
|
30/06/20
|
Income
Tax
|
Form
16C
|
Issue
of TDS certificate by the nt for tax deducted u/s 194IB in march for full
year.
|
30/06/20
|
Income Tax
|
Form 27D
|
Issue
of TCS certificate for March quarter.
|
30/06/20
|
GST
|
GST
CMP-02
|
Opt
for Composition Scheme for FY 20-21. Existing ones are not required to apply again.
|
30/06/20
|
GST
|
GST RFD-11
|
Online
Application for Letter of Undertaking (LUT) for export & supplies to SEZ
without payment of tax in 20-21.
|
30/06/20
|
GST
|
ITC-04
|
Return
for March quarter of goods sent to or received from job-worker.
|
30/06/20
|
GST
|
GSTR-1
|
Monthly
return of outward supplies for March, April, & May (Turnover exceeding
1.5cr in previous year).
|
30/06/20
|
GST
|
GSTR-1
|
Quarterly
return for January to March for quarterly filers.
|
30/06/20
|
GST
|
GSTR-3B
|
Summary
return cum payment of tax for April by taxpayers with turnover between
1.5-5cr.
|
30/06/20
|
GST
|
GSTR-3B
|
Summary
return cum payment of tax for February by taxpayers with turnover upto 1.5cr.
|
30/06/20
|
GST
|
GSTR-5 & 5A
|
Monthly
return by Non-resident taxable person for February, March, April & May.
|
30/06/20
|
GST
|
GSTR-6
|
Monthly
return of Input Service Distributor for March, April & May.
|
30/06/20
|
GST
|
GSTR-7
|
Monthly
return by Tax deductors for March, April & May.
|
30/06/20
|
GST
|
GST-8
|
Monthly
return by e-commerce operators for March, April & May.
|
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