Result of 43rd GST Council Meeting held on 28th May 2021
1. Extension Of Due Date Of Filing GSTR-4 For FY 2020-21 To 31.07.2021.(Annual Return For Person Opted For Composition Scheme)
2. Extension Of Due Date Of Filing ITC-04 For Quarter ended March 2021 To 30.06.2021.(Details Of goods Dispatched to a Job Worker Or Received From a Job Worker)
3. Extension of Due Date of Filing GSTR-1/ IFF For The Month Of May 2021 By 15 Days.
4. Summary of Interest & Late Fee WaiverFor The Month of March, April & May, 2021 on late filling of GST 3B
| Aggregate Turnover
(1) |
Tax Period
(2) |
Interest Rate Relaxation From Due Date | Late Fee Waiver From Due Date (6) | ||
| For 1st 15 Days
(3) |
For Next Days (4) | After Days Mentioned In Column 4
(5) |
|||
| More Than Rs 5 Crores | March, April& May, 2021 | 9% | 18% | 18% | 15 Days |
| Upto Rs 5 Crores | March, 2021 | Nil | 9% [For 45 Days] | 18% | 60 Days |
| April, 2021 | Nil | 9% [For 30 Days] | 18% | 45 Days | |
| May, 2021 | Nil | 9% [For 15 Days] | 18% | 30 Days | |
| Upto Rs 5 Crores – Quarterly Filers | March, 2021 | Nil | 9% [For 45 Days] | 18% | 60 Days
[For The Period Jan-March, 2021] |
| April, 2021 | Nil | 9% [For 30 Days] | 18% | 45 Days | |
| May, 2021 | Nil | 9% [For 15 Days] | 18% | 30 Days | |
| Return Under Composition Scheme | Quarter Ending March, 2021 | Nil | 9% [For 45 Days] | 18% | – |
5. Compliance Of Rule 36(4)
Cumulative Application Of Rule 36(4) For Availing Itc For Tax Periods April, May And June, 2021 In The Return For The Period June, 2021 ie.. ITC can be claimed from Books of account for April & May 2021.
6.Companies can continue filing GST returns using EVC instead of digital signature till 31st August 2021.
7.GST Annual Return (GSTR-9) filing is rationalized and continues to be optional for 2020-21 for small taxpayers with turnover up to Rs.2 crore.
8.GSTR-9C (Reconciliation statement) to be still applicable for taxpayers with an annual turnover of equal to or more than Rs.5 crore, will be self-certification basis.
The Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers and MSME’s in the country given the pandemic. The scheme is likely to cover all the pending GSTR-3B returns from July 2017 till April 2021. Also, the validity of this amnesty scheme could be from 1st June 2021 till 31st August 2021
Note it will be beneficial if you file return between 01.06.2021 to 31.08.2021.
Author Bio
