Yesterday on 28th May 2021,Government announced major reliefs to MSME and others in GST.
We will discuss all the reliefs in brief one by one.
Amnesty Scheme :-
To relief to taxpayers regarding Late Fee for Pending GSTR-3B for the tax periods from 👉 *July, 2017 to April, 2021*
🍍 If GSTR-3B returns for these tax periods are furnished between *01.06.2021 to 31.08.2021:*
🫐 Maximum Late Fees : 💸 *Rs. 500/-* (including CGST and SGST) per return who did 👉 *not have any tax liability* for the said tax periods.
🍓 Maximum Late Fees : 💸 *Rs1000/- per return* for other taxpayers;*
Upper cap on late fees For GSTR 3B & GSTR 01 for Future Returns
👉 1. For *NIL Returns* irrespective of the turnover : 💸 *Rs. 500 per return.*
👉 2. For taxpayers having *turnover below 1.5 Cr* in the previous year : 💸 *2000 per return.*
👉 3. For taxpayers having *Turnover 1.5 cr to 5 Cr* : 💸 *5000 per return.*
👉 4. For Taxpayers having *Turnover above 5 Cr* : 💸 *10000 per return.*
🌀 *GSTR 04 (For composition tax payers)*
👉 If tax liability is Nil : 💸 ₹ 500
👉 Otherwise : 💸 ₹ 2000
🍇 For *Form GSTR-7 (TDS Return of GST)* : 💸 Rs.50 per day subject to maximum *Rs.2000 per return.*
🚨 So, Now Late Fees is Rs. 50 per day subject to the Upper Cap.🎩
COVID-19 related additional relief measures
🍉 *For Small Taxpayers (Aggregate Turnover upto Rs.5 Cr.)*
♻️ *_March & April 2021:_*
👉 *NIL Interest* for first 15 days from the due date of payment,
👉 *9% Interest* thereafter for further
🍀 45 days for *March, 2021* and
🍀 30 days for *April, 2021.*
👉 *Waiver of late fee* for GSTR-3B for
🍀 March 60 days and
🍀 April 45 days.
👉 *NIL Interest* for first 15 days for CMP-08 by *composition dealers* for QE March 2021, and
👉 *9%* thereafter for further 45 days.
♻️ *_For May 2021_:*
👉 *NIL rate* of interest for first 15 days and
👉 *9%* thereafter for further 15 days.
👉 *Waiver of late fee* for GSTR-3B for 30 days.
🍉 *For Large Taxpayers (Aggregate Turnover More than Rs. 5 crore)*
👉 *Interest @ 9%* for first 15 days for May, 2021.
👉 *Waiver of late fee* for GSTR-3B for May for 15 days
Certain other COVID-19 related relaxations
🌀 *Filing GSTR-1/ IFF* for the month of May by 15 days.
🌀 *GSTR-4 for FY 2020-21 to 31.07.2021.*
🌀 *ITC-04 for QE March :* 30.06.2021.
🌀 *Cumulative application* of rule 36(4) for April, May and June can be made in June return.
🌀 Allowing filing of returns by *companies using EVC,* instead of DSC till 31.08.2021.
🍉 *GST Annual Return GSTR-9/9A & Reconciliation 9C (F.Y. 2020-21):*
👉 For *Small taxpayers* having T/o upto 2 Cr. GSTR-9/9A is *optional.*
👉 *Self Certified GSTR-9C* to filled by taxapyers having T/o *above 5 Cr.* (No CA/CMA certification required)
Thanks & Regards
By CA Shivam Gupta. Originally published on Tax Advisor – Your Own Tax Guide. This article reflects its original publication date; provisions and deadlines may have changed.