Arjuna (Fictional Character): Krishna, what are the reliefs given by Central Government under GST to the merchants during this lockdown due to the coronavirus pandemic?

Krishna (Fictional Character): Arjuna, Government has extended the dates of various compliances by Taxpayer under GST, through Central Tax Notification dated on 1st May 2021. The taxpayer has been given relief to file a return for the month of April 2021 in Form GSTR-1 by 26th May 2021 in an extension of the original date of 11th May 2021. The due date for taxpayers who opted under QRMP Scheme was 13th May 2021 which is now extended to 28th May 2021.

Arjuna (Fictional Character): Krishna, what are the extended due dates for GSTR-3B for the month of March/April 2021, GSTR-4 (Annual Return for Composition dealer) for the FY 2020-21?

Krishna (Fictional Character): Arjuna, the due dates for filing GSTR-3B for the month of March 2021 are as follows:

The due date has been extended to 5th May 2021, having an original date of 20th April 2021, for the taxpayer having turnover above 5 Cr.

The Extended due date for the taxpayer having turnover up to 5 Cr. (not opting for QRMP) is 20th May 2021 while its original due date was 20th April 2021.

Due dates for filing GSTR-3B for the month of April 2021 are as follows:

The due date has been extended to 4th June 2021, having an original date of 20th May 2021, for the taxpayer having turnover above 5 Cr.

The Extended due date for the taxpayer having turnover up to 5 Cr. (not opting for QRMP) is 19th June 2021 while its original due date was 20th May 2021.

In case of the taxpayer having turnover up to 5 Cr. and also opted for QRMP Scheme, the due date for filing GSTR-3B for the last quarter of FY 2020-21 i.e., Jan-Mar 21, was 22nd April 2021 had been extended to 24th May 2021.

Further, the composition dealer can file an annual return in Form GSTR-4 for the FY 2020-21 up to 31st May 2021 which is in the extension of the original due date 30th April 2021.

Arjuna (Fictional Character): Krishna, is there any relaxation of interest and late fees to avail the benefit of the above extended due dates?

Krishna (Fictional Character): Arjuna, late fees has been waived off on return filing up to extended due dates. Further, taxpayers having turnover above 5 cr. shall be required to pay interest at the rate-

9% if return for the month of March 2021, filed within 15 days i.e., till 5th May 2021, from the original due date, and 18% if return filed after 5th May 2021.

9% if return for the month of April 2021, filed within 15 days i.e., till 4th June 2021, from the original due date, and 18% if return filed after 4th June 2021.

For taxpayers having turnover up to 5 cr. shall be required to pay interest at the rate-

Nil if return for the month of March 2021, filed within 15 days i.e., till 5th May 2021, from the original due date and 9% if return filed between 6th May 2021 to 20th May 2021 and beyond 20th May 2021 18% will be charged.

Nil if return for the month of April 2021, filed within 15 days i.e., till 4th June 2021, from the original due date and 9% if return filed between 5th June 2021 to 19th June 2021 and beyond 19th June 2021 18% will be charged.

Arjuna (Fictional Character): Krishna, from the above, what taxpayer should keep in mind for GST compliance?

Krishna (Fictional Character): Arjuna, the taxpayer shall file the returns as early as possible within the extended due dates to claim the benefit of late fees waiver and NIL/ reduced interest rates.

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Disclaimer: This Karneeti tax update is only for the purpose of information and does not constitute or purport to be advice or opinion in any manner. The information provided is not intended to create an advisor-client relationship and is not for advertising or soliciting. The author does not intend in any manner to solicit work through these Tax update articles. The articles are only to share information based on recent developments and regulatory changes. The author is not responsible for any error or mistake or omission in this article or for any action taken or not taken based on the contents of this article. Business decisions are best taken in close consultation with the advisors. A small attempt is made to update all on GST. This is for guidance purposes only. No legal action against the writer or presenter can be taken. Refer to relevant provisions and facts of the case.

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One Comment

  1. A Ravichandran says:

    We are running a rice mill and excusively hulling for traders by collecting hulling charges on per bag basis. The bye-products are bran which is taxable and waste paddy which is not taxable.
    Our expected turnover for the fy 2021-22 is as follows:
    Hulling charges collected Rs. 28.00 lacs.
    Bran sales Rs. 28.00 lacs
    Waste paddy(Husk) Rs. 5.00 lacs.
    Can we opt for Compostion Scheme, Sir.

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