Analysis of GST notification issued on 1st MAY 2021

After a long time, Hope all readers are doing well…

As we all know Government come up with relaxations in GST on May 1, 2021 so I am just discussing today four important notifications –

• Notification No 8/2021-Cenral Tax dated -01.05.2021

Waiver of Interest for delay in filling in of GSTR-3B for Month of MARCH 2021 and APRIL 2021 with retrospective effect-

Analysis- Now for waiver of interest registered taxpayers are divided into two categories-

1. Tax payers having aggregate turnover more than Rs 5 crore in preceding financial year-

♦ First 15 days from due date – 9 %

♦ Therafter -18 %

2. Tax payers having aggregate turnover less than Rs 5 crore in preceding financial year-

♦ First 15 days from due date –nil

♦ Next 15 days – 9%

♦ Thereafter -18 %

• Now first question comes in my mind hope all are agreed with this – Above relaxation given due to pandemic situation in whole India but is this covid-19 any way related to our turnover??? Those having more than five crore turnover will be less affected and those with less five crore turnover will be more affected …Is that so ??

Then why this injustice while issuing notification relating to waiver of Interest.

• Second question –since this notification have retrospective effect what about those registered taxpayers who have already filed their return with interest @ 18% ..

Will they get refund??

• Notification No 9/2021-Cenral Tax dated -01.05.2021–

Waiver of late fees for delay in filling GSTR-3B FOR MONTH OF March 2021 & April 2021-05-03

Again registered taxpayers are divided into two categories-

1. Tax payers having aggregate turnover more than Rs 5 crore in preceding financial year- relaxation for 15 days it means-

March 2021- No late fees if filed till 5th May 2021

April 2021 – No late fees if filed till 4th June 2021-

2. Tax payers having aggregate turnover less than Rs 5 crore in preceding financial year- relaxation for 30 days it means-

March 2021- No late fees if filed till 20 th May 2021

April 2021 – No late fees if filed till 19th June 2021

Analysis– Now again for those taxpayers having turnover more than 5 crore hardly two days left as above notification came late night on 1st May 2021 and one day we have all wasted in understanding notifications…

Secondly, What about late fees leviable if return filed on 6 th May 2021 i.e one day delay ..

Late fees wiil be charged from due date or not… Clarification required…

• Notification No 12/2021-Cenral Tax dated -01.05.2021– & Notification No 13/2021-Cenral Tax dated -01.05.2021
  • Extension of due date for filling GSTR-1/IFF for Month of April 2021- 26th May 2021/28th May respectively
  • Cumulative application of Rule 36(4) of CGST Rule, 2017 for April and May 2021 ( ITC availment based on GSTR 2A) – A proviso has been inserted in rule 36(4) which is to be checked cumulatively for Tax period April 2021 & May 2021. It means Rule 36(4) will be applied in GSTR-3B in May 2021 for month of April 2021 also.

That all for today —–any doubts mailed at mamta0581@gmail.com