GST Late Fees Waived off & Due Date Extended 2021: Covid-19 Relief

There have been several representations to the ministry of finance for relaxation in GST compliance for few months by way of extension in GST filing due to date and late fees waiver. As the businesses and tax professionals are suffering from the COVID-19 pandemic, the Government announced relief to the taxpayers by extending the due date to file various GST returns, forms. The Government also announced interest rate cut and GST late fees waived off for the delayed filing of GST return ie. GSTR-3B.

Central Board of Indirect Taxes and Customs (CBIC) on 01-May-2021, issued the notification and has waived off the late fee for GSTR-3B for the months of April and May 2021. The late fees waiver is available with few conditions and for a limited period, which is described in this article.

List of relaxation announced by CBIC by way of notification:

GST Late Fees Waived off for delayed filing of GSTR-3B for the month of March & April 2021

1. Regular Taxpayers having aggregate turnover above Rs. 5 crore:

GST Late fee waived for 15 days in respect of returns in FORM GSTR-3B. Late fees are waived only for the month of-

  • March 2021 GSTR 3B,
  • April 2021 GSTR 3B

GST Late fees waived off for the above month only if the GSTR 3B return is furnished within 15 Days from the original due dates.

2. Regular Taxpayers having aggregate turnover below Rs. 5 crore:

GST Late fee waived for 30 days in respect of returns in FORM GSTR-3B. Late fees are waived only for the month of-

  • March 2021 GSTR 3B
  • April 2021 GSTR 3B

GST return Late fees are waived for the above month only if the GSTR 3B return is furnished within 30 Days from the original due dates.

Reduction in Interest Rate for delayed GST payment

1. For Regular Taxpayer: Having Turnover more than 5 Crore

The interest rate for the month of March and April 2021 reduced to 9% for first 15 days and after 15 days, the interest rate will be 18%.

2. Regular Taxpayers having aggregate turnover below Rs. 5 crore

The interest rate for the month of March and April 2021 reduced to Nil for the first 15 days and after 15 days, the interest rate will be 9%.

3. Reduction in Interest Rate for delayed GST payment for Composition taxpayer for the March’21 quarter

For Composition taxpayer for the March’21 quarter- Interest rate reduced to NIL for the First 15 days and 9% for next 15 days

Extension in due date for filing GSTR-4 for FY 2020-21

Extension in due date for filing GSTR-4 for composition taxpayers for FY 2020-21 has been extended to 31st May 2021 from current 30th April 2021.

Extension in due date for furnishing the declaration in ITC-04

Extension in due date for furnishing the declaration in ITC-04 in respect of goods dispatched to a job worker or received from a job worker for Jan-Mar’21 quarter has been extended to 31st May 2021 from existing 25th April 2021.

Extension in due date for filing GSTR-1 for the month of April 2021

Due date for filing GSTR-1 for the month of April 2021 also extended and now the extended due date for the same is 26th May 2021

Extension in due date for filing IFF (Invoice furnishing facility) for the month of April 2021

Due date for filing GSTR-1 for the month of April 2021 also extended and now the extended due date for the same is 28th May 2021

Relaxation in restriction of Input Tax Credit under rule 36(4) of CGST Rule

Relaxation provided in restriction of Input Tax Credit under rule 36(4), the said restriction of 5% shall apply cumulatively for the period April to May, 2021.

Time limit for any Notice, Order, Intimation, etc which falls during the period from the 15th April 2021 to 30th May 2021

  • The time limit for completion or compliance of any action, by any authority or by any person, which falls during the period from the 15th April 2021 to 30th May, 2021 is extended up to 31st May 2021.
  • The said extension will also apply for completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called by any authority, commission, or tribunal.
    The said extension will also apply for filing of any appeal, reply or application or furnishing of any report, document, return, statement, or such other record, by whatever name called.

GST Late Fees Waiver & Due Date Extension Notification

Read Press Release for GST Late Fees Waiver & Due Date extension

Read:

Author Profile

3ccf47d2376b405be62f41db85a15a14?s=100&d=mm&r=g
CA Shiwali Shukla
Shiwali Shukla is a member of ICAI since 2018 & She has excelled in Chartered Accountancy & follows an innovative & talented approach towards work, She is also an Ex- Employee of Ernst & Young. She is having the Expertise in the filed of Direct Taxation, Indirect Taxation, Company Law matters & Finance. She is also having more than 3 years of Experience in the same field. & more than 3 years if Experience in the field of Direct as well as Indirect Taxation..

Leave a Comment