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Covid Relief Measures Introduced for GST Taxpayers

The finance ministry hit an impressive gross GST revenue collection for the month of April 2021, setting a record high at Rs. 141,384 crores. However, the covid wave has hit a rough patch and there are no signs of any improvement and hence, the Central Board of Indirect Taxes and Customs (CBIC) has decided to grant relief to taxpayers in meeting statutory and compliance requirements.

Let’s take a walk through the changes that have been introduced in light of the pandemic:

Relief in Interest Rates:

S.No. Description Relief in interest rates Tax Period
1 For registered persons having an aggregate turnover of upto Rs. 5 crore Nil rate of interest rate for the first 15 days from the due date, 9% for the next 15 days, 18% thereafter Mar-April ’21 for normal tax payers; Jan-Mar ’21 for taxpayers under QRMP scheme
2 For registered persons having an aggregate turnover of > Rs. 5 crore Interest rate at 9% for the first 15 days from the due date, 18% thereafter Mar-April ’21
3 For taxpayers who have opted for composition scheme Nil rate of interest rate for the first 15 days from the due date, 9% for the next 15 days, 18% thereafter Mar-April ’21

Waiver of late fee:

S.No Description Waiver of Late Fee Tax Period
1 For registered persons having an aggregate turnover of upto Rs. 5 crore Late fee waived for 30 days in respect of FORM GSTR-3B furnished beyond the due date Mar-April ’21 for normal tax payers; Jan-Mar ’21 for taxpayers under QRMP scheme
2 For registered persons having an aggregate turnover of > Rs. 5 crore Late fee waived for 15 days in respect of FORM GSTR-3B furnished beyond the due date Mar-April ’21

Revision in return filing due dates:

S.No GSTR Form Tax Period Revised Due date
1 GSTR -1 April ’21 26-May-21
2 Invoice Furnishing Facility April ’21 28-May-21
3 GSTR-4 FY 20-21 31-May-21
4 Form ITC-04 Jan- Mar ’21 31-May-21

Other amendments:

  • The time limit for completion of actions by any authority under the GST Act, due dates of which fall within the period of 15th April, 2021 to 30th May, 2021, has been shifted to 31st May, 2021.
  • Filing of GSTR-3B, GSTR-1, IFF by companies using electronic verification code has been enabled for the period from 27.04.2021 to 31.05.2021.
  • 105% cap on availment of ITC in FORM GSTR-3B which is applicable for the period of April and May ’21 has been extended to May 2021.

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