The 43rd GST council meeting provided relief for small tax payers by way of ease in compliances under GST as well as relief in taxability of COVID 19 related goods. As per the 43rd GST Council Meeting, following relaxations and reliefs were provided:

IGST exemption for specified goods like oxygen concentrators, oxygen storage, transportation equipment etc. have been fully exempted if the same has been imported for donating to government or recommended relief agency till 31.08.2021.

Relaxation in interest and waiver of late fees for tax payers under GST

For small taxpayers (annual turnover upto INR 5 Crores)
March and April 2021 − Waiver of interest for first 15 days and lower interest rate (9% p.a.) for 45 (for March) and 30 days (for April) from due date of filing Form GSTR-3B
− Waiver of late fee for delay in filing Form GSTR-3B for 60 days (for March/ quarter ending March) and 45 days (for April)
− Waiver of interest for first 15 days from the due date of furnishing statement in CMP-08 by composition dealers (for quarter ending March 2021) and reduced rate of 9% for further 45 days
May-21 − Waiver of interest for first 15 days from the due date of filing Form GSTR-3B/ PMT-06 or lower interest rate (9% p.a.) for further 15 days
− Waiver of late fee for delay in filing Form GSTR-3B for 30 days from due date
For large taxpayers (annual turnover above INR 5 Crores)
May-21 − Lower interest rate (9% p.a.) for first 15 days from the due date of filing Form GSTR-3B
− Waiver of late fee for first 15 days from due date of filing Form GSTR-3B

Amnesty scheme has been introduced wherein pending GSTR 3B returns for the period July 2017 to April 2021 can be filed with late fees. Maximum late fees has been capped as follows subject to the condition that GSTR-3B for the above period has to be filed between 01st June, 2021 to 31st August, 2021:

  • The late fee for tax payers with NIL tax liability has been capped at a maximum of INR 500 per return (INR 250 CGST + INR 250 SGST) and;
  • For other tax payers, late fee has been capped at a maximum of INR 1000 per return (INR 500 CGST + INR 500 SGST) per return.

Other benefits

1. Due date of filing GSTR-1 for May 21 has been extended till 26th June, 2021;

2. Due date of filing ITC-04 for Jan to Mar 21 quarter has been extended till 30th June, 2021;

3. Rule 36(4) of CGST Rules, 2017 for availing the ITC for the period April to June 2021 to be applicable cumulatively in the month of June 2021 GSTR-3B;

4. Discontinuance of GST audit report in Form GSTR-9C from FY 2020-21 onwards and annual return containing the reconciliation statement to be self-certified by the company;

5. Filing of annual return in Forms GSTR-9/ 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto INR 2 crores;

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Location: Bengaluru, Karnataka, India
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