GST Updates

GST Updates

GST Update...

1. Notification No 41/2020

In this Notification central board of indirect taxes & customs issued to extend the time limit for furnishing of annual return and reconciliation statement for the financial year 2018-19 till 30th September 2020.

 

2.The due date for CMP - 08

The last date for filing of CMP - 08 for January - March quarter is 7th July 2020 without any liability to pay interest.
Earlier this date was 18th April 2020.

3.Penalty for CMP - 08

The CMP - 08 is not a return that's why no penalty (late fee) even if file after the due date.

 

4.Interest for CMP - 08

Interest will be payable @ 18% from 8th July 2020 till the date of filing if GST CMP - 08 is filed after 7th July 2020.

 

5.GSTR 4 Due date

The last date for filing GSTR 4 is 15th July 2020.
If not filed by 15th July 2020 interest and a late fee will be payable.

 

6.Composition Scheme

The last date for filing for the opt for the composition scheme for the financial year 2020-21 is now extended to 30th June 2020.

 

7.Filing ITC - 03

If you opt for the composition scheme for the financial year 2020-21, you can now file for reversal of ITC, by filing form GST ITC 03 till 31st July 2020, instead of 30th May 2020.