GST NEWS BULLETIN

Relaxation to composition taxpayers:

CBIC vide Notification No. 67/2020 – Central Tax dated 21.09.2020 has provided relaxation to composition taxpayers in payment of late fees who were under composition scheme during any period till 31st March, 2019. The relaxation is available if GSTR-4 is filed between 22nd September, 2020 to 31st October, 2020 for any tax period of Financial Year 2017-18 or 2018-19. The relaxation is summarized in below table :

Relaxation to taxpayers for payment of late fees who had failed to file their final return:

CBIC vide Notification No. 68/2020 – Central Tax dated 21.09.2020 has provided relaxation to taxpayers in payment of late fees who had failed to file their final return i.e. GSTR-10 by due date. Such taxpayers can now file their GSTR-10 between 22nd September, 2020 to 31st December, 2020, by paying a maximum late fee of ₹ 500 (₹ 250 under CGST Act & ₹ 250 under SGST Act)

Extension of time limit for compliance under section 31(7)

As per Section 31 sub-section (7) of CGST Act, 2017, a person making sale on approval basis is required to issue the invoice before or at the time of supply or six months from the date of removal, whichever is earlier.
CBIC vide Notification No. 66/2020 – Central Tax dated 21.09.2020 has granted extension to taxpayers, in whose case time limit for compliance of Section 31(7) of the CGST Act, 2017 falls between the period 20th March, 2020 to 30th October, 2020 till 31st October, 2020.