Ministry’s of finance issue notifications include the extension of the timeline for filing GST returns, the lesser quantum of the late filing fee, & even late fee waiver in few cases for the months of April & March 2021
- The Ministry of finance had notified 9 changes to regulatory compliance under the GST regime on 1 May in order to relieve struck enterprises from COVID-19.
- This will include extending GST return filing deadlines, reducing the late fee quantity, and, in some cases, the late Fee waiver for March & April 2021.
- Notifications were issued in accordance with GST Council Order by notification.
- Businesses having a turnover aggregate exceeding INR 5 crore during the preceding FY will be deleted by late payment if, within 15 days of the deadline for March and April, they cannot submit GSTR-3B returns.
Govt relaxes deadline for GST Compliance under COVID-19
- a late fee will be waived for companies with a total turnover of up to Rs 5 crore for the period up to 30 days over the two months.
- The 30-day window is applicable for the period January – March 2021 for taxpayers with an aggregated turnover of up to Rs 5 crore.
- Date of return was extended by one month to May 31, 2021, For the financial year ending 31 March 2021, under Form GSTR-4 of the Central Goods and Services Tax Rules, 2017.
- In relation to goods dispatched to a worker or received by the job work, the govt has also extended the period of time for submitting the declaration in Form GST ITC-04 from 1 January to 31 March to 31 May 2021
- With the GSTR-1 form extending the time limit for the furnishing of details of outward provision for the period of taxation in April 2021 until 26 May,
- The Govt notification that undertakings may file cumulative returns for April and May in form of GSTR-3B, with the cumulative input tax credit adjustments. Details of April must be provided by 28 May.
- In view of the infuriated pandemic, the Govt has also granted officials more time to fulfill their statutory duties.
Late fees and Interest & Waive for March & April 2021: GSTN
Govt provides the relation on the interest rate on GSTR-3B returns in April & March 2021:
| GST taxpayer who have a turnover up to 5 Cr in the Financial Year 2019-20: Nil for the starting first 15 days, 9% for the next 15 days, and 18% thereafter from the due date | Taxpayers are required to file a return under either the composition or QRMP schemes. For the first 15 days after the due date, there is a NIL fee, then 9% for the next 15 days and 18 % after that will be chargeable. |
No late fee applicable on the GSTR 3B filing in the month of April & March 2021 :
| Turnover of cross INR 5 crores In the FY 2019-20 | Turnover of up to INR 5 crores in FY 2019-20 or those who have opted into the QRMP system |
| They may submit their GSTR 3B Return within 15 days from the due date. | They may submit their GSTR 3B Return within 30 days from the due date. |
EXTENDING THE DIFFERENT DUE DATE
- The deadline for GSTR 4 (Composition Scheme – Annual Return) filing for the Financial year 2020-21 has been increased by the GSTN until May 31, 2021.
- GSTN has extended the timeline for GST ITC-04 filing for January to March 2021 month to May 31, 2021.
- The timeline for GSTR-1 filing for the month of April 2021 has been increased to the 26th of May 2021.
- Invoice Furnishing Facility (IFF) timeline for April 2021 has been increased to 28th May 2021.
- According to Rule 36(4) will be applicable cumulatively for April and May 2021. Needed to file a return in May of 2021 for the GSTR-3B return.
FRESH FEATURES & FUNCTIONS
In case the company was incorporated between 27Th April 2021 and 31st May 2021 is Qualify to file GSTR-1, GSTR-3B, & IFF using an electronic verification code (EVC).
- The GST Portal’s dashboard has now allowed a Return Calendar facility function that shows the status of the last return period’s GST filing
- Rate of GST Tax Tab has been allowed in Table No. 12 (Harmonized System of Nomenclature (HSN) Wise Summary) under the In the GSTR 1 Return,
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