The quick snapshot of the updates have been made basis the recent Notifications and Circulars under Indirect tax:
1. Rules 7 of the CGST Rules 2017 has been amended with a new entry for Composition taxpayers who are providing services will be taxed at rate of 6% (CGST – 3% & SGST/UTGST – 3%).
2. CBIC Seeks to provide relief by lowering of the interest rate for a prescribed time for tax periods from February 2020 to July 2020 for taxpayer having turnover up to 5 Crores vide notification 51/2020 dated 24.06.2020.
3. CBIC Seeks to provide relief by the reduction in late fees for GSTR 3B from July 2017 to January 2020
4. CBIC Seeks to provide relief by a waiver of late fee for delay in furnishing outward statement in FORM GSTR-1
5. CBIC Seeks to prescribe due date of GSTR 3B for the month of August 2020 in case of the taxpayer having the turnover less than 5 Cr.
6. CBIC seeks to provide clarification manner of calculation of interest for taxpayers having aggregate turnover above ₹ 5 Cr and less 5 Cr