what is the validity of the bank guarantee, whether Life time or it is to be renewed in every financial year like LUT.
PLS CLARIFY
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Quick Summary
This discussion seeks clarification on the validity period of a bank guarantee under GST. Specifically, it questions whether the guarantee is valid for a lifetime or requires renewal each financial year, similar to a Letter of Undertaking (LUT). The provided content details extensions for GSTR-3B filing due dates for various turnover categories during early 2020, but doesn't directly address the bank guarantee validity.
As per Notification No. 31/2020 - Central Tax, dated 03.04.2020 read with Notification No. 32/2020 - Central Tax, dated 03.04.2020, Due Date for filing FORM GSTR -3B for the month of February, March and April 2020 for the Taxpayers having Aggregate Turnover more than Rs. 5 crore in the preceding FY have been extended in the following manner :
FEBRUARY : 24.06.2020. MARCH : 24.06.2020. APRIL : 24.06.2020.
And as per Notification No. 36/2020 - Central Tax, dated 03.04.2020, due date for filing FORM GSTR -3B for the month of MAY 2020 have been extended to "27th June 2020".
TAXPAYERS HAVING AGGREGATE TURNOVER upto Rs. 1.5 crore in the preceding FY ( Notification No. 31/2020 - CT, Notification No. 32/2020 - CT and Notification No. 36/2020 - CT all dated 03.04.2020 )
FEBRUARY : 30.06.2020 MARCH : 03.07.2020 APRIL : 06.07.2020 MAY : 12.07.2020 & 14.07.2020. ( For specified catagory of States, different due date prescribed ).
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