Saturday, December 4, 2021
Home GST Due date extended GSTR-1/IFF, GSTR-4, GSTR-9 Optional, Nil Interest, Late Fee Waiver

Due date extended GSTR-1/IFF, GSTR-4, GSTR-9 Optional, Nil Interest, Late Fee Waiver

43rd GST Council Meeting - Due date extension of GSTR-1/IFF, GSTR-4, GSTR-9/9A Optional for the financial year 2020-21, Nil Interest, Late Fee Waiver

Smt. Nirmala Sitharaman through video conferencing conduct the 43rd GST Council Meeting held on 28th May 2021 to provide relief to the registered taxpayers including due date extension of GSTR-1/IFF, GSTR-4, GSTR-9 Optional, Nil Interest, Late Fee Waiver, during the pandemic situation, where GST Council has made certain recommendations in context with changes in GST rates and the related GST Law and procedure.

Key Highlights of 43rd GST Council Meeting

Business Relief – Relief to taxpayers regarding Late fee for pending returns

ParticularsTax period coverMaximumTax Liability in the relevant tax periodCondition to avail late fee relief
Late Fee for non-furnishing of Form GSTR-3BJuly 2017 to April 2021Rs500/- (CGST – Rs.250 & SGST -Rs.250)NOFile GSTR-3B between 1st June 2021 to 31st August 2021
Late Fee for non-furnishing of Form GSTR-3BJuly 2017 to April 2021Rs1000/- (CGST – Rs.500 & SGST -Rs.500)YESFile GSTR-3B between 1st June 2021 to 31st August 2021

Related: How to file Quarterly GSTR-3B in QRMP – ITC, Tax Paid, and Adjustment

Prospective Relief Under Section 47 of the CGST Act: Late fee for furnishing the required return under GST

ParticularsMaximum per returnNil Tax Liability in GSTR-3B/GSTR-4 and Nil Outward supplies in GSTR-1Condition of Annual Aggregate Turnover (AATO) in the preceding year
Late fee for delay in furnishing FORM GSTR-3B and FORM GSTR-1Rs500/- (CGST – Rs.250 & SGST -Rs.250)YESNot Applicable
Late fee for delay in furnishing FORM GSTR-3B and FORM GSTR-1Rs2000/- (CGST – Rs.1000 & SGST -Rs.1000)NOUp to Rs.1.5 crore
Late fee for delay in furnishing FORM GSTR-3B and FORM GSTR-1Rs5000/- (CGST – Rs.2500 & SGST -Rs.2500)NOBetween Rs. 1.5 crore to Rs. 5 crore
Late fee for delay in furnishing FORM GSTR-3B and FORM GSTR-1Rs10000/- (CGST – Rs.5000 & SGST -Rs.5000)NOMore than 5 Crore
Late fee for delay in furnishing FORM GSTR-4 (Composition taxpayers)Rs500/- (CGST – Rs.250 & SGST -Rs.250)YESNot Applicable
Late fee for delay in furnishing FORM GSTR-4 (Composition taxpayers)Rs2000/- (CGST – Rs.1000 & SGST -Rs.1000)NONot Applicable
Late fee for delay in furnishing FORM GSTR-7 (Tax deducted  Minimum
Rs50/- (CGST – Rs.25 & SGST -Rs.25) per day
Maximum Rs2000/- (CGST – Rs.1000 & SGST -Rs.1000) per return
  

Relief in Late Fee/ Interest for delay in Furnishing the Return/payment of GST for Small Taxpayers having aggregate turnover up to Rs. 5 Crore

Non-Transmission of Export Invoices, IGST Refund got stuck due to SB errors

NatureFormTax PeriodNil/WaivedInterest on Delay of subsequent period
Interest ReliefGSTR-3B and PMT-06 ChallanMarch & April 2021For first 15 days delay9% for further delay of 45 days and 30 days for March 2021 and April 2021 respectively
Interest ReliefGSTR-3B and PMT-06 ChallanMay 2021For first 15 days delay9% for further delay of 15 days
Late Fee WaiverForm GSTR-3BMarch & April 2021Delay of 60 days and 45 days for March and April 2021 respectivelyNA
Late Fee WaiverForm GSTR-3BMay 2021Delay of 30 days from the due dateNA
Interest ReliefCMP-08
Composition dealers
March 2021For first 15 days delay9% for further delay of 45 days

Relief in Late Fee/ Interest for delay in Furnishing the Return/payment of GST for Large Taxpayers having aggregate turnover more than Rs. 5 Crore

NatureFormTax PeriodNil/WaivedInterest on Delay of subsequent period
Interest ReliefForm GSTR-3BMay 2021For first 15 days delayNA
Late Fee WaiverForm GSTR-3BMay 2021Delay of 15 days from the due dateNA

Related: E-invoicing is mandatory in case of a Registered person having a T/o exceeding Rs.50CR

Certain Due dates extended considering the COVID-19 situation

FormTax PeriodExtended Due Date
GSTR-1/ IFFMay 2021By 15 Days
GSTR-4FY 2020-2131st July 2021
ITC-04March 202130th June 2021
Cumulative application Rule 36(4)April, May, June 2021June 2021
Filing of Return via EVC by companies 31st August 2021

GST Annual Return compliance – Applicable for Financial Year 2020-21

FormRequirementRelief
FORM GSTR-9CReconciliation Statement by CASelf-Certify Reconciliation Statement
GSTR-9/9AFiling of Annual ReturnOptional for Taxpayers with annual aggregate turnover up to Rs. 2 Crore
GSTR-9CFiling of Annual ReturnRequired to be filed by the taxpayers having annual aggregate turnover more than Rs. 5 Crore

COVID-19 related goods – IGST Fully Exempt

It has been recommended to provide full exemption from IGST even if they are imported on a payment basis to COVID-19 related goods such as oxygen concentrators, medical oxygen, and other oxygen storage and transportation equipment, (now includes Amphotericin B – Black Fungus), etc. till 31st August 2021.

Further, the Group of Ministers will submit their report on further relief to the Individual item on 8th June 2021.

GoodsCurrent GST RateRecommended GST Rate
Diethylcarbamazine (DEC) tablets12%5%

Clarificatory Amendment

IGST to be levied on repair value of goods re-imported after repairs and 12% GST to be applied even if sold separately the parts of sprinklers/ drip irrigation system (Tariff Heading – 8424)

ServiceToRecommended GST
Serving Food including mid-day mealsEducational InstitutionFully Exempt
Examination including entrance examination and input services relating theretoFees charged by NBE, or similar Central or State Education BoardFully Exempt
ServiceCurrent GST RateRecommended GST Rate
MRO Service in respect of Ships/ vessels18%5%
Milling of Wheat/ paddy into flour/rice under PDS Exempt if the value of goods in such composition supply does not exceed 25%. Otherwise, 5% GST if supplied to a registered person including a person registered for payment of TDS.

Related: GST Sales Reconciliation Form 26AS vs Form GSTR-3B vs Tally

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments