GST compensation to solar developers, extended deadline for GSTR3B filing

GSTR3B and GSTR9 deadlines extended in light of coronavirus; new GST registration required for companies under IBC process. Check out all updates on #GSTThisWeek

Ministry of Renewable Energy issues circular to pay GST compensation to solar developers
In a move that will provide much relief to green building developers, the Ministry of New and Renewable Energy (MNRE) has released a circular stating that Goods and Services Tax (GST) and Safeguard Duty (SGD) compensation to solar project developers will be paid within 60 days. This circular has been addressed to the Solar Energy Corporation of India (SECI) and National Thermal Power Corporation (NTPC). It warns of a late payment surcharge if compensation is not made within 60 days.  

Deadline for filing GSTR3B for February extended to April 7th 
In light of the rapid spread of the coronavirus in the country, the Ministry of Finance has extended the deadlines for filing GST returns and as such, the due date for filing GSTR-3B for February has been extended to April 7, 2020. Additionally, the due date for filing the annual return in FORM GSTR-9 and reconciliation statement for financial year 2018-19 has been extended from March 31 to June 30, 2020. 

Companies who have filed for IBC will require new GST Registration
The Government has announced that companies who have filed for insolvency and bankruptcy code will need to apply for new GST registration within 30 days of appointment of a resolution professional for their company. This new GST registration will have to be obtained in each of the states or union territories the corporate debtor or the stressed company was registered earlier.

For more updates on GST and GST Compliance, visit http://www.avalara.com/in