Ministry of Finance, Central Board of Indirect Taxes and Customs vide its gazette notifications dated 24th June 2020 issued Central Goods and Services Tax (Seventh Amendment) Rules, 2020. The amendment provides the following rates of tax to be payable by manufacturers.
- The tax payable by manufacturers, other than manufacturers of such goods are half per cent of the turnover in the State or Union territory.
- The tax payable by suppliers making supplies is two and a half per cent of the turnover in the State or Union territory.
- Any other supplier eligible for composition levy under subsections (1) and (2) of section 10 has to pay half per cent of the turnover of taxable supplies of goods and services in the State or Union territory.
- Registered persons not eligible under the composition levy under sub-sections (1) and (2), but eligible to opt to pay tax under sub-section (2A), of section 10 has to pay three per cent of the turnover of taxable supplies of goods and services in the State or Union territory.
This amendment will come into force with effect from the 01st day of April 2020.
Another notification provides extended dates for furnishing details in Form GSTR-1. Details for March, 2020 shall be filed on 10th day of July, 2020 and for April, 2020 on 24th day of July, 2020, for May, 2020 on 28th day of July, 2020, for June, 2020 on 05th day of August, 2020, January to March, 2020 on 17th day of July, 2020 and April to June, 2020 on 03rd day of August, 2020.
Another notification provides that Form GSTR-3B which is due can be filed within the 30th day of September, 2020 at 9 percent interest.
Click here to read the notification.
