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Summary of GST relief measures in the second wave of coronavirus

Interest rate reduced for late payment of GST

A normal rate of interest for late payment of GST is 18% per annum. However, in view of the Covid-19 pandemic, CBIC issue GST notification 8/2021-Central Tax dated 01.05.2021 to provide lower interest rates for GST payments of April 2021 and May 2021. This notification shall be effective from 18-April-2021. Reduced interest rates according to a category of the taxpayer are captured in the table given below-- 

Category of Taxpayer

Tax Period

Interest Rate

Aggregate turnover in preceding financial year exceeds 5 Crores

March 2021 & April 2021

For the first 15 days of delay = 9%

For delay more than 15 days = 18%

Aggregate turnover in preceding financial year up to 5 Crores

March 2021 & April 2021

For the first 15 days of delay = Nil

For delay more than 15 days = 9%

For delay more than 30 days = 19%

Composition dealers

Quarter ending March 2021

For the first 15 days of delay = Nil

For delay more than 15 days = 9%

For delay more than 30 days = 19%

 

Late fees for filing GSTR-3B waived

CBIC has released GST notification 09/2021-Central Tax dated 01.05.2021 in order to waive the late fee for filing GSTR-3B for the month of March'2021. 

S.No.

Category of Taxpayer

Period

Period of Delay

1.

Turnover exceeding Rs 5 crores during the preceding financial year

March 2021

15 days

2.

Turnover up to Rs 5 crores preceding financial year

March 2021

30 days

3.

Turnover up to Rs 5 crores in the preceding financial year and liable to furnish quarterly return 

Quarter ending March 2021

30 days

 

Extension in the due date of various GST returns

To provide some relief to taxpayers during this Covid-19 epidemic in India, the Centre has extended the last date of filing of various GST returns vide CGST notification number 12/2021, 11/2021,10/2021. The extended due date of various returns due to Covid-19 is given in the summarized form in the below table- 

Return

Description

Period

Extended Due Date

GSTR-1

GSTR-1 has to be filed by every registered taxpayer except a few specified taxpayers. It contains the detail of sales.

April 2021

26th May 2021

Invoice Furnishing Facility (IFF)

In IFF, taxpayers who opted to furnish GSTR-1 quarterly can upload their B2B invoices on the portal every month.

April 2021

28th May 2021

GSTR-4

GSTR-4 is an annual return that has to be filed by the composition dealer every year. It contains the details of inward supply, outward supply, TDS credit, TCS credit, etc.

FY 2020-21

31st May 2021

ITC-04

Form GST ITC-04 is required to be filed by the principal manufacturer every quarter to give a declaration in case of job work.

Jan’2021-Mar’2021

31st May 2021


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CA Anand Singh

CA Anand Singh

I am a practising Chartered Accountant with 6 years of experience in Direct and Indirect Taxation, FEMA, Corporate Law and Audit etc.