Decisions of GST Council in 43rd Meeting on 28th May 2021

CA NITIN GOYAL 30 May 2021 1,503 Views 1 comment Print Goods and Services Tax | Articles

Article explains Summary of Decisions of GST Council in 43rd Meeting on 28th May 2021

1. Late Fees Amnesty Scheme for pending GSTR-3B returns

(For the tax period July’17 to April’21)

Category of Taxpayers	Max Late Fees
Taxpayers with Nil Tax Liability	Rs. 500 per return
Other taxpayers	Rs. 1000 per return

Condition- GSTR-3B to be filed between 1^st June 2021 to 31^st August 2021

S. No.

Heading

Description

Rationalization of late fee for delayed filing of GSTR-3B & GSTR-1

Taxpayers with Nil Tax Liability

Max Late Fees- Rs. 500 per return

For Other Taxpayers

Category of taxpayer	Max Late Fees
Turnover upto 1.5 Cr in preceding FY	Rs. 2000
Turnover between 1.5 Cr to 5 Cr (PFY)	Rs. 5000
Turnover exceeding 5 Cr (PFY)	Rs. 10000

Rationalization of late fee for delayed filing of GSTR-4 by composition taxpayers

Category of Taxpayers	Max Late Fees
Taxpayers with Nil Tax Liability	Rs. 500 per return
Other taxpayers	Rs. 2000 per return

Late fee for delayed filing of GSTR-7 by Tax Deductors:

Late Fees to be reduced to Rs. 50 per day (Max Rs. 2000 per return)

Reduction in Interest Rate

Category of Taxpayers

Interest Rate

For Aggregate Turnover upto 5Cr in Preceding FY

(For Regular taxpayers)

For March 2021:

Nil for first 15 Days,

9% for next 45 days and 18% thereafter

For April 2021:

Nil for first 15 Days,

9% for next 30 days and 18% thereafter

For May 2021:

Nil for first 15 Days,

9% for next 15 days and 18% thereafter

For Aggregate Turnover > 5Cr (For Regular taxpayers)

For May 2021:

9% for first 15 Days

18% thereafter

For Composition Taxpayers

For March’21 quarter:

Nil for first 15 Days,

9% for next 45 days and 18% thereafter

Waiver of late fees

Category of Taxpayers	Waiver of Late Fees
For Aggregate Turnover upto 5Cr in Preceding FY	For March 2021: Nil for first 60 Days,
	For April 2021: Nil for first 45 Days,
	For May 2021: Nil for first 30 Days,
For Aggregate Turnover exceeding 5Cr in Preceding FY	For May 2021: Nil for first 15 Days

Extension of several other due date

Filing GSTR-1/ IFF of May’21	By 15 days
Filing GSTR-4 of FY 20-21	Till 31.07.2021
Filing ITC-04 of March’21	Till 30.06.2021
Cumulative application of rule 36(4) for April to June’21	To be seen in June’21 return
Allowing return filing by EVC instead of DSC	Till 31.08.2021

Extension of Time limit for completion of various actions, by any authority or by any person, under the GST Act

If falls between 15^th April to 29^th June 2021:

Extended upto 30^th June 2021

(Except those cases where due dates are extended by honourable Supreme Court)

Filing of GSTR-9/9A/9C of FY 2020-21

GST Annual Returns i.e. GSTR-9/9A-

optional for taxpayers with turnover upto Rs. 2 Crore

GST Reconciliation Statement i.e. GSTR-9C-

Required for taxpayers with turnover exceeding Rs. 5 Cr

(Self-certification will be applicable for FY 2020-21)

10.

Interest to be charged at net tax payment

amendment in section 50 of the CGST Act to the effect that interest to be charged on net tax liability to be applied retrospectively from 1^st July 2017

11.

Amendment in GST Act

To make present GSTR-1/3B return as default return filing system.

12.

Constitution of a Group of Ministers (GoM)

To workout the need for further relief to COVID-19 related items by 8^th June 2021.

13.

Exemption from IGST to certain COVID-19 related goods

The exemption to be extended till 31.08.2021.

In view of rising Black Fungus cases, the above exemption from IGST has been extended to Amphotericin B.

14.

Certain other clarifications

Certain clarifications relating to taxability/ exemption to various goods/ services have been issued.

Compiled by: CA Nitin Goyal, Raipur [Email- goyalcanitin@gmail.com]

Source- GST Council Press Release on it 43rd meeting dated 28th May 2021

(Disclaimer: This write up is based on the understanding and interpretation of author and the same is not intended to be a professional advice.)

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Author Bio

Name: CA NITIN GOYAL

Qualification: CA in Practice

Company: NITIN GOYAL & CO

Location: Raipur, Chhattisgarh, India

Member Since: 09 May 2017 | Total Posts: 35

Nitin Goyal is a Practicing Chartered Accountants and his core area of expertise includes Income Tax, Goods & Services Tax, Customs, and Financial Valuations. He has completed his Chartered Accountancy in Nov’2015. He secured All India Rank- 48 in his Final Exams. He is also a qualified Compan View Full Profile

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One Comment

Arun Kumar Pandey says:

I have try to file GSTR-3B for the month of Jan-21 but I have not found waiver on Late fees. Please help

Reply

June 1, 2021 at 1:28 pm