In respect of
GST return, following being announced by FM on 24 March 2020.
|
1
|
Due Date for GSTR-3B for
supplies made in the months of February, March and April: If a company’s turnover is less than ₹5 crore then
on late payment of taxes
(Company A)
|
11th/ 22nd,24th of the
following month
|
30th June 2020
|
-
|
|
|
Interest, Penalty and Late
Fees as applicable
|
no interest, no late fees
and no penalty
|
||||
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2
|
Due Date for GSTR-1/
GSTR-3B for supplies made in the months of February, March and April: If a company’s turnover is more than ₹5 crore then
on late payment of taxes
(Company B)
|
11th/20th of the
following month
|
30th June 2020
|
Compliance is done on or
before 30th June 2020
No Interest if tax is paid
by
➔ 04/04/20 (for
Feb’20)
➔ 05/05/20 (for
Mar’20)
➔ 04/06/20 (for
Apr’20)
|
|
Following
impact can be noticed in case of Company B due to above-mentioned
changes.
(a) Company B required to make GST payment
on or before May 5, 2020 and June 4, 2020 for GST of month ending March and
April.
(b) Most of their vendors i.e Company A falls below
turnover less than 5 Cr and hence looks like they will not file their
GSTR-1 before June 30, 2020.
(c) If they don’t file GST -1 return
before our GST payment due date, then Company B going to see massive mismatch of Input
credit for the month ending March and April. Mismatch means GST
input as per books and GSTR-2A.
(d) AT present, there is no relaxation of
from rule of 110% means input claimed cannot exceed 110% of input
appearing in the GSTR-2A.
(e) Hence, Company B can expect huge shortage in the GST input
credit for next 2 months and due to 110% rule, they have to pay additional GST input credit.
Please
provide your suggestion or way out by which we can minimise the
additional GST payment.
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