Analysis of GST Amensty Scheme & Relaxations in GST Return

Analysis of GST Amensty Scheme & Relaxations in due dates of GST RETURNS as per 43rd GST Council meeting :

Today I will discuss GST Amensty Scheme and New due dates for Month of March, April and May 2021-

Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:

• To provide relief to taxpayers ,late fees for non-filling GSTR-3B for tax –periods July 2017-April2021 has been reduced as under-

♦ For taxpayers having nil tax liability- Late fees capped to maximum of Rs 500 (Rs 250 CGST /RS 250 SGST)

♦ For other taxpayers Late fees capped to maximum of Rs 1000 (Rs 500 CGST /RS 500 SGST)

♦ But above capping would apply if GSTR-3B RETURNS filed between- 01.06.2021 to 31.08.2021

• For prospective tax periods late fees u/s 47 has been rationised as under-

• For composition taxpayers- Late fees capped to Rs 500 (Rs 250 CGST/Rs 250 SGST) per return if tax liability nil and Rs 2000 (Rs 1000 SGST /Rs 1000 CGST) per return other tax payers.
• Relaxations to taxpayers in GST RETURNS due to COVID -19 –

For Monthly GSTR-3B-

–

• QRMP GSTR-3B- FOR QTR ENDING MARCH 2021-LATE FESS WAIVED IF RETURN FILED TILL 21.06.2021/23.06.2021 DEPANDING UPON GROUP A /GROUP B STATES AND INTEREST ALSO CHARGED NIL FOR 15 DAYS AND THEREAFTER REDUCED TO 9 % TILL 21.06.2021/23.06.2021
• FOR PMT-06 CHALLAN-(QRMP SCHEME)
• APRIL 2021 –DUE DATE 25.05.2021
• • INTEREST RATE NIL FOR 15 DAYS TILL 09.06.2021 AND FOR NEXT 30DAYS I.E TILL 09.07.2021 -9 % AND THEREAFTER 18%
  • MAY 2021- DUE DATE- 25.06.2021
  • INTEREST RATE NIL FOR 15 DAYS TILL 10.07.2021 AND FOR NEXT 15 DAYS I.E TILL 25.07.2021 -9 % AND THEREAFTER 18%
• Thats all for today

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