Categories: GST (Goods and Services Tax)

Key Matters in 43rd GST Meeting

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NEW RELIEF IN GST INTEREST RATE, LATE FEES AND COMPLIANCES

Recommend that the GST rate on Diethylcarbmazine (DEC) pills be reduced from 12 percent to 5%.
Clarified that services provided to government entities in the form of rope-way construction are subject to the 18% GST rate.
Clarified that services provided by the government to its undertakings/ Public Sector Undertaking (PSU)s in the form of loan guarantees are exempt from GST.
Late Fee Reduced for non-filing of GSTR-3B of GSTR-3B from July 2017 to April 2021 as under:-

(a) For Nil return filling (no tax liability) – INR 500/- per return

(b) For other taxpayers -INR 1000/- per return

In the Above Reduced late fee applicable only when GSTR-3B will be filed between 1st June 2021 to 31st August 2021

(5) Maximum late costs recommended by committee for late filing of GSTR-1 and GSTR-3B

(a) For Nil return (no tax liability) – Maximum Rs 500/- per return

(b) For other taxpayers

(i) When Annual Turnover less than INR 1.5 CR in previous year – INR 2k per return maximum

(ii) When Annual Turnover between INR 1.5 CR to INR 5 Cr in previous year – INR 5k per return maximum

(iii) When Annual Turnover more than 5 crore in previous year – INR 10k per return maximum

Know about relaxation in filing of GSTR 3B for the month from Mar’2021 to May’2021

SN	Tax Period	Turnover (AAT)	Due Date for filing	First 15 days from Due Date	Next 15 Days	Next 15 Days	Next 15 Days	From 61^st Day Onwards	Waiver of Late Fee Till
1	Mar’21	>5 Cr	20/4	9%	18%	18%	18%	18%	5/05
1	Mar’21	<=5 Cr	20/4	Nil	9%	9%	9%	18%	20/06
2	Apr’21	>5 Cr	20/5	9%	18%	18%	18%	18%	04/06
2	Apr’21	<=5 Cr	20/5	Nil	9%	9%	18%	18%	05/07
3	May’21	>5 Cr	20/6	9%	18%	18%	18%	18%	05/07
3	May’21	<=5 Cr	20/6	Nil	9%	18%	18%	18%	20/07

(6) The deadline for reporting GSTR-1/IFF for May 2021 has been extended from June 11 to 26 June.

(7) Allowing companies to file returns using OTP rather than DSC until August 31, 2021.

(8) The deadline for reporting GSTR-4 (composition dealers) for FY 2020-21 has been extended to July 31, 2021.

(9) The deadline for completing different activities under the GST Act, which falls between April 15th and June 29th, 2021, has been extended until June 30th, 2021, subject to specified exceptions.

(10) GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the fiscal year 2020-21

(a) Small taxpayers with a revenue of up to 2 crore rupees are exempt from filing an annual return.

(b) Taxpayers with an annual aggregate turnover of more than 5 crores must file GSTR-9C. However, instead of having the GSTR-9C certified by the CA, the taxpayer could self-certify it.

(11) Announced relaxations in filing GSTR-3B for May 2021 for both small taxpayers and large taxpayers on same parameters as provided for April 2021

CBIC has issued three circulars, purusant to the 45th GST council meet. For easy reference of all, we had summarized the same in the attached PPT.

Key Highlights of 49th GST Council Meeting Recommendations

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