Appoints 01.06.2021 as the date on which the provisions of section 112 of the Finance Act, 2021 shall come into force –
Retrospective amendment in Section 50 of the CGST Act to provide interest on net cash basis w.e.f. 01.07.2017.
However, persons who have already paid interest on gross liabi lity may not get any refund as the provision is enforced from 1st June, 2021
Extends the due date for furnishing of FORM GSTR-1 for the tax period May, 2021 till 26th June 2021.
Provide relief of reduced rate of interest for payment of Monthly/Quarterly tax for specified taxpayers and specified tax periods.
1. Registered person having turnover of more than Rs 5cr in preceding year – 9% interest p.a. for first 15days after due date of filing of GSTR 3B and 18% interest p.a. thereafter for the month of March, April and May.
2. Registered person having aggregate turnover upto Rs 5cr in last year –
For March 2021 – No interest for first 15 days after the due date of filing of GST 3B, 9% pa for next 45 days and 18% pa thereafter.
For April 2021– Nil interest for first 15 days from the due date of filing GSTR-3B, 9% pa for the next 30 days and 18% pa thereafter.
For May 2021 – Nil interest for first 15 days from the due date of filing GSTR- 3b, 9% pa for next 15 days and 18% pa thereafter.
3. Registered person filing GSTR – 3b on a quarterly basis
No interest for the first 15 days from the due date of filing GSTR- 3b for quarter March 2021, 9% pa for the next 45 days and 18% pa thereafter.
Provide waiver of late fees for delay in furnishing returns in FORM GSTR-3B for specified taxpayers and specified tax periods being March, April and May 2021
Relief from late fee for delay in furnishing of GSTR 3B returns for July, 2017 to April, 2021 but filed between the period from the 1st June, 2021 to 31st August, 2021.
1. Registered person having aggregate turnover of more than Rs 5cr in last year:
No late fees for the first 15 days from the due date.
2. Registered person having aggregate turnover upto Rs 5cr:
For March 2021- No late fees upto 60 days from the due date.
For April 2021- No late fees upto 45 days from the due date.
For May 2021- No late fees upto 30 days from the due date.
3. Registered person filing quarterly GSTR- 3b:
No late fees upto 60 days from the due date of filing return for March 2021 quarter.
4. Amnesty scheme-
Those who have not filed their GSTR- 3b for any month or quarter from July 2017 till April 2021 can file the return before 31st August 2001 with the late fee of Rs 1000 per return.
If the tax payable in any return is Nil, then the late fees shall be Rs 500 per such return.
5. Maximum late fees for delay in filing GSTR-3b from June 2021 onwards-
If tax payable is Nil then maximum late fees shall be Rs 500 per return
If turnover in the last year is upto Rs 1.50 crore, then maximum late fees shall be Rs 2000 per return.
If turnover in last year is is up to Rs 5 crore, then the maximum late fees shall be Rs 5000.
Capping of late fee for delayed filing of GSTR-1 based on turnover.
1. If there is no outward supplies during the month/ quarter, then maximum late fees shall be Rs 500.
2. If the turnover during last year is upto Rs 1.5 crore, then maximum late fees shall be Rs 2,000.
3. If turnover during last year is upto Rs 5 crore, then maximum late fees shall be Rs 5000.
Capping of late fee payable for delay in furnishing of FORM GSTR-4 by composition taxpayers
Rs 500/- (CGST + SGST) per return for NIL return and Rs 2000/- (CGST +SGST) in other cases
Capping of late fee payable for delayed furnishing of FORM GSTR-7
Rs 50 per day ( CGST +SGST) subject to a maximum of Rs 2000/- (CGST +SGST) per return
Amends Notification No. 13/2020-Central Tax in order to amend the class of registered persons for the purpose of e-invoice.
Government department and local authority will not be required to do GST e-invoicing.
Extends specified compliances falling between 15.04.2021 to 29.06.2021 till 30.06.2021 in exercise of powers under section 168A of CGST Act.
However, following are the exceptions to this general extension:
Chapter IV of CGST Act related to time and place of supply;
Sub-section (3) of Section 10 related to composition levy;
Sections 25 – Procedure for registration;
Section 27 – Special provisions relating to CTP & NRTP;
Section 31 – Tax Invoice;
Section 37 – Furnishing details of outward supplies;
Section 47 – Levy of late fee;
Section 50 – Interest on delayed payment of tax;
Section 69 – Power to arrest;
Section 90 – Liability of partners of firm to pay tax;
Section 122 – Penalty for certain offences;
Section 129 – Detention, seizure and release of goods and conveyance in transit;
Section 39, except sub-section (3), (4) and (5) related to TDS deductors, ISD and NRTPs;
Section 68 related to inspection of goods in movement, in so far as e-way bill is concerned; and
Rules made under the provisions specified above.
Extends the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.07.2021
Extends the due date for furnishing of FORM ITC-04 for the period Jan-March, 2021 till 30th June, 2021.
Central Goods and Services Tax (Fifth Amendment) Rules, 2021 –
Amendment to Rule 26, 36 & 59 –
1. To provide facility of filing GSTR-3B and GSTR-1/ IFF by companies, using EVC instead of DSC for period upto 31st August 2021
2. Cumulative application of Rule 36(4) in the return for the period June, 2021
3. Extends the due date for furnishing of GSTR-1/ IFF for May, 2021 till 28th June 2021
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