The Central Government has recently amended the Central Goods and Services Tax Rules whereby the date for opting for the composition scheme has been extended. The rules further relaxed the 10 percent restriction on the availment of the input tax credit.
A notification issued by the Central Board of Indirect Taxes and Customs (CBIC) yesterday has announced various relief measures in meeting the compliance requirements in view of this emergent situation where the businesses are being affected by the COVID-19 outbreak.
According to the notification, the taxpayers can file the option for the composition scheme till the 30th of June, 2020. Interest and late fees on late filing of GSTR-3B and GSTR 1 have been relaxed to some extent. Various other clarifications have also been issued.
“Provided that any registered person who opts to pay tax under section 10 for the financial year 2020-21 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, on or before 30th day of June 2020 and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of rule 44 up to the 31st day of July 2020,” the notification said.
“Provided that the said condition shall apply cumulatively for the period February, March, April, May, June, July and August, 2020 and the return in FORM GSTR-3B for the tax period September 2020 shall be furnished with the cumulative adjustment of the input tax credit for the said months in accordance with the condition above,” it added.To Read the full text of the Notification CLICK HERE