Many provisions of the CGST Act has been amended in the Finance Bill 2020 and some of the same have been notified and the effective date is 30th Jun 2020.
Synopsis of the
GST Notifications & Instruction issued on 24th June 2020
No. 49/2020 – Central Tax
Many provisions of the CGST Act has been
amended in the Finance Bill 2020 and some of the same have been notified and
the effective date is 30th Jun 2020.
Section – 118 of Finance Act 2020: This amendment eases the provision for
claiming input tax credit on debit note as per provisions of Section 16(4). The
due date for availing input tax credit on the debit note has been amended. With
this amendment, the date of actual invoice is no longer linked. This is a
welcome move and help the taxpayers a lot.
Section – 125 of Finance Act 2020: This provisions
amendments Section 132. To curb the tax evasion and fraudulent manner of
availing input tax credit. With these amendments, now the person who has taken
the input tax credit fraudulently will also be penalized.
Section – 129 of Finance Act 2020: Para 4 of the
Schedule II of the CGST Act 2017 has been amended. With this amendment, the
transfer of business assets is considered as a supply, even if the transfer is
made for consideration or not.
Section – 130 of Finance Act 2020: Based on the
decisions taken in 37th GST Council Meeting, the fish meal is
exempted for GST. Similarly, the tax rate of pulleys, wheels other parts used
as part of agricultural machinery is reduced to 12%. With reduction of tax
rates, it will lead to inverted duty structure and refund is not eligible in
this case.
No. 50/2020 – Central Tax
Rules 7 of the CGST Rules 2017 has been amended with a new entry for Composition
tax payers who are providing services will be taxed at rate of 6% (CGST - 3%
& SGST/UTGST – 3%).
No. 51/2020 – Central Tax
As per the decisions taken in the 40th GST Council Meeting,
the due dates & rate of interest for filing of GSTR – 3B has been notified.
|
Sr. No |
Category of Tax
Payers |
Rate of Interest |
Tax Period |
|
1 |
Tax Payers having
turnover above Rs 5 Crores during the previous financial year |
0% if filed within
15 days of the due date and 9?ter that if filed before 24th
June 2020 |
Feb – 2020 Mar – 2020 Apr – 2020 |
|
Sr. No |
Category of Tax
Payers |
Tax Period |
Rate of Interest |
|
|
0% filed before |
9% filed before 30th
Sep 2020 |
|||
|
1 |
Taxpayers having an
aggregate turnover of up to rupees 5 crores in the preceding financial year,
whose principal place of business is in the States of Chhattisgarh, Madhya
Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana
or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and
Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep |
Feb – 2020 |
30th
June 2020 |
30th Sep
2020 |
|
Mar – 2020 |
3rd July
2020 |
30th Sep
2020 |
||
|
Apr – 2020 |
6th July
2020 |
30th Sep
2020 |
||
|
May – 2020 |
12th Sep
2020 |
30th Sep
2020 |
||
|
June – 2020 |
23rd Sep
2020 |
30th Sep
2020 |
||
|
July – 2020 |
27th Sep
2020 |
30th Sep
2020 |
||
|
2 |
Taxpayers having an
aggregate turnover of up to rupees 5 crores in the preceding financial year,
whose principal place of business is in the States of Himachal Pradesh,
Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim,
Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam,
West Bengal, Jharkhand or Odisha or the Union territories of Jammu and
Kashmir, Ladakh, Chandigarh and Delhi |
Feb – 2020 |
30th
June 2020 |
30th Sep
2020 |
|
Mar – 2020 |
5th July
2020 |
30th Sep
2020 |
||
|
Apr – 2020 |
9th July
2020 |
30th Sep
2020 |
||
|
May – 2020 |
15th Sep
2020 |
30th Sep
2020 |
||
|
June – 2020 |
25th Sep
2020 |
30th Sep
2020 |
||
|
July – 2020 |
29th Sep
2020 |
30th Sep
2020 |
||
No. 52/2020 – Central Tax
Due date for filing of GSTR – 3B has been notified based on the
decisions taken in the 40th GST Council and reduction of late fee
has been notified
|
Sr. No |
Category of Tax
Payers |
Tax Period |
Due Date |
|
1 |
Tax Payers having
turnover above Rs 5 Crores during the previous financial year |
Feb – 2020 Mar – 2020 Apr – 2020 |
24th
June 2020 |
|
2 |
Taxpayers having an
aggregate turnover of up to rupees 5 crores in the preceding financial year,
whose principal place of business is in the States of Chhattisgarh, Madhya
Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana
or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and
Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep |
Feb – 2020 |
30th
June 2020 |
|
Mar – 2020 |
3rd July
2020 |
||
|
Apr – 2020 |
6th July
2020 |
||
|
May – 2020 |
12th Sep
2020 |
||
|
June – 2020 |
23rd Sep
2020 |
||
|
July – 2020 |
27th Sep
2020 |
||
|
3 |
Taxpayers having an
aggregate turnover of up to rupees 5 crores in the preceding financial year,
whose principal place of business is in the States of Himachal Pradesh,
Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim,
Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam,
West Bengal, Jharkhand or Odisha or the Union territories of Jammu and
Kashmir, Ladakh, Chandigarh and Delhi |
Feb – 2020 |
30th
June 2020 |
|
Mar – 2020 |
5th July 2020 |
||
|
Apr – 2020 |
9th July
2020 |
||
|
May – 2020 |
15th
July 2020 |
||
|
June – 2020 |
25th Sep
2020 |
||
|
July – 2020 |
29th Sep
2020 |
Late fee has been reduced or waived off for the taxpayers who have not
filed GSTR – 3B for the period July 2017 to January 2020 between 1st
July 2017 and 30th Sep 2020
|
Sr. No |
Category of Tax
Payers |
Penalty |
|
1 |
With Liability |
Rs 250/- per return
|
|
2 |
Nil Returns |
Nil |
No. 53/2020 – Central Tax
The due dates for filing of GSTR – 1 has been notified from Jan 2020 to
June 2020 for both monthly filing and quarterly filers. Late fee has also been
waived off if the returns are filed within the due dates.
|
Sr. No |
Tax Period |
Due date |
|
1 |
March 2020 |
10th
July 2020 |
|
2 |
April 2020 |
24th
July 2020 |
|
3 |
May 2020 |
28th
July 2020 |
|
4 |
June 2020 |
5th Aug
2020 |
|
Sr. No |
Tax Period |
Due date |
|
1 |
Jan to Mar 2020 |
17th
July 2020 |
|
2 |
April to June 2020 |
3rd Aug
2020 |
Instruction No 3//2/2020 – GST
GST Rates for real estates have been
reduced and input tax credit is not allowed in some cases. As the rates have
been reduced for the real estate sector, input tax credit is not allowed.
Another condition laid is that at least 80% of the inputs and input services
expect services by way of grant of development rights, long term lease of land
or FSI, electricity, high speed diesel, motor spirit, natural gas, will
procured by the developer or the builder from registered taxpayers. In case if
the same are procured from unregistered taxpayers, the builder or developer is
required to pay the tax at end of the financial year. As per the Instructions,
the tax payment has to be done by the developer or builder usingthe Form
DRC
Read More:https://taxguru.in/goods-and-service-tax/synopsis-gst-notifications-instruction-dated-24-06-2020.html
