The 43rd GST Council on Friday took several key decisions including COVID related relief measures for taxpayers.
In addition to the relief measures already provided to the taxpayers vide the notifications issued on May 1, 2021, various other relaxations are also being provided to the taxpayers.
In respect of the small taxpayers (aggregate turnover upto Rs. 5 crores), for the tax period of March & April 2021 NIL rate of interest for the first 15 days from the due date of furnishing the return in FORM GSTR-3B or filing of PMT-06 Challan, reduced rate of 9% thereafter for further 45 days and 30 days for March 2021 and April 2021 respectively. Waiver of late fee for delay in furnishing return in FORM GSTR- 3B for the tax periods March / QE March 2021 and April 2021 for 60 days and 45 days respectively, from the due date of furnishing FORM GSTR-3B.
In respect of the small taxpayers (aggregate turnover upto Rs. 5 crores) for May 2021 NIL rate of interest for the first 15 days from the due date of furnishing the return in FORM GSTR-3B or filing of PMT-06 Challan, and reduced rate of 9% thereafter for further 15 days. Waiver of late fee for delay in furnishing returns in FORM GSTR- 3B for taxpayers filing monthly returns for 30 days from the due date of furnishing FORM GSTR-3B.
For the large taxpayers (aggregate turnover more than Rs. 5 crores) A lower rate of interest @ 9% for the first 15 days after the due date of filing return in FORM GSTR-3B for the tax period May 2021. Waiver of late fee for delay in furnishing returns in FORM GSTR- 3B for the tax period May 2021 for 15 days from the due date of furnishing FORM GSTR-3B.
Further, extension of due date of filing GSTR-1/ IFF for the month of May 2021 by 15 days.
The Finance Minister notified the extension of the due date of filing GSTR-4 for FY 2020-21 to July 31, 2021. Extension of the due date of filing ITC-04 for QE March 2021 to 30.06.2021. Cumulative application of rule 36(4) for availing ITC for tax periods
April, May, and June 2021 in the return for the period June 2021.
Allowing filing of returns by companies using Electronic Verification Code (EVC), instead of Digital Signature Certificate (DSC) till August 31, 2021.
“Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April 2021 to 29th June 2021, to be extended upto 30th June 2021, subject to some exceptions,” the press release said.
Amendments in sections 35 and 44 of CGST Act made through Finance Act, 2021 to be notified. This would ease the compliance requirement in furnishing reconciliation statements in FORM GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants. This change will apply for Annual Return for FY 2020-21.
The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore. The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with an annual aggregate turnover above Rs 5 Crore.
Retrospective amendment in section 50 of the CGST Act with effect from 01.07.2017, providing for payment of interest on a net cash basis, to be notified at the earliest.
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