Royal tax guide

CBIC has issued various notifications today to give effect to the recommendations of the 40th GST Council Meeting which are as follows: 👉 Notification No. 49/2020 –Central Tax: To bring into effect certain provisions of the Finance Act, 2020 👉 Notification No. 50/2020 – Central Tax: Notifying rates of GST for Composition Taxable Persons under Rule 7 of CGST Rules 👉 Notification No. 51/2020 – Central Tax: Conditional waiver of interest in excess of 9% p.a for registered persons having aggregate turnover upto 5 crores for GSTR 3B for the months of February to July 2020 if filed by specified dates 👉 Notification No. 52/2020 – Central Tax: Conditional waiver of late fees for registered persons having aggregate turnover upto 5 crores for GSTR 3B for the months of February to July 2020 if filed by specified dates Waiver of late fees which is in excess of an amount of two hundred and fifty rupees for the registered person who failed to furnish the return in FORM GSTR 3B for the months of ...

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under: 👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020 👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac 👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020 👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020.

   For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period July 2017 - January 2020 has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020 - September 30, 2020. For all those who have no tax liabilities but who have not filed their returns between July 2017-Jan 2020 there will be zero late fees.   For small tax payers whose aggregate turnover is up to Rs 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%.   Small tax payers whose aggregate turnover is up to Rs 5 crore will be provided 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, no late fee or interest.   In all cases where registration has been cancelled till June 12, 2020, Tax payers who could not get cancelled GST regist...