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Anyalysis of Recommendations of 43rd GST Council Meeting

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Amnesty scheme to provide relief to taxpayers regarding late fee for pending returns

For furnishing the Form GSTR 3b for the period July 2017 to April 2021, the late fee shall be:-

Particulars Late fee                                                                           
In case of Nil tax liability Rs. 250/- for CGST and Rs. 250/- for SGST per return i.e. Rs. 500/- per return
In case of Tax liability Rs. 500/- for CGST and Rs. 500/- for SGST per return i.e. Rs. 1000/- per return

 

This would be effective from 01-06-2021 to 31-08-2021.

Rationalization of GST late fee imposed under section 47 of CGST Act

For reducing the GST late fee burden on the taxpayers, the GST council has recommended the capping of the GST late fee.

In the case of GSTR 3B and GSTR 1

Aggregate Turnover Late fee
Nil Rs. 500/-  per return i.e. Rs. 250/- CGST and Rs. 250/- SGST
0Upto Rs. 1.50 Crore in the preceding year Rs. 2000/- per return i.e. Rs. 1000/- CGST and Rs. 1000/- SGST)
Between Rs. 1.50  Crore and Rs. 5 Crore in the preceding year Rs. 5000/- per return i.e. Rs. 2500/- CGST and Rs. 2500/- SGST
Above Rs. 5 Crore in the preceding year Rs. 10000/- per return i.e. Rs. 5000/- CGST and Rs. 5000/- SGST

 

In the case of Form GSTR 4

Aggregate Turnover Late fee
Nil Rs. 500/-  per return i.e. Rs. 250/- CGST and Rs. 250/- SGST
Taxable turnover Rs. 2000/- per return i.e. Rs. 1000/- CGST and Rs. 1000/- SGST

 

In the case of Form GSTR 7

  • Capping of the late fee to Rs. 2,000/- per return i.e. Rs. 1000/- CGST and Rs. 1000/- SGST with a maximum of Rs. 50/- per day.

 

The above changes shall be effective from the date of its Notification.

Other relaxations pertaining to March and April 2021 returns

Turnover upto Rs. 5 Crores

Month Original due date Extended due date 0% 9% 18%
March 2021 (Monthly) 20th April 2021 19th June 2021 5th May 2021 19th June 2021 After 19th June 2021
April 2021 (Monthly) 20th May 2021 4th July 2021 4th June 2021 4th July 2021 After 4th July 2021
May 2021 (Monthly) 20th June 2021 20th July 2021 5th July 2021 20th July 2021 After 20th July 2021

 

QRMP

Month Original due date – GSTR 3B / PMT – 06 Extended due date 0% 9% 18%
March 2021 Category 1 22nd April 2021 21st June 2021 7th May 2021 21st June 2021 After 21st June 2021
March 2021 Category 2 24th April 2021 23rd June 2021 9th May 2021 23rd June 2021 After 23rd June 2021
April 2021 25th May 2021 9th June 2021 9th July 2021 After 9th July 2021
May 2021 25th June 2021 10th July 2021 25th July 2021 After 25th July 2021

 

Turnover of more than Rs. 5 Crores

Month Original due date Extended due date 0% 9% 18%
March 2021 20th April 2021 5th May 2021 5th May 2021 After 5th May 2021
April 2021 20th May 2021 4th June 2021 4th June 2021 After 4th June 2021
May 2021 20th June 2021 5th July 2021 5th July 2021 After 5th July 2021

                       

For GSTR 1/ IFF

Taxpayers Original due date Extended due date
April 2021 (QRMP) 13th May 2021 28th May 2021
April 2021 (Monthly) 11th May 2021 26th May 2021
May 2021 (QRMP) 13th June 2021 28th June 2021
May 2021 (Monthly) 11th June 2021 26th June 2021

 

Other Extensions

For Composition scheme dealers – Filing CMP 08                                    

Period Original Due date 0% 9% 18%
Q4 of FY 2020-21 18th April 2021 3rd May 2021 17th June 2021 After 17th June 2021

 

GSTR 4 of Q4 of FY 2020-21 – Extended to 31-07-2021

Form ITC 04 of Q4 of FY 2020-21 – Extended to 30-06-2021

Other measures

  1. Application of Rule 36(4) on cumulative basis for the month of April 2021, May 2021 and June 2021 in the return period of June 2021.
  2. Allowing the filing of GST returns by Companies through the EVC till 31-08-2021.
  3. From FY 2020-21, the Taxpayers shall have to self-certify the Reconciliation statement i.e. Form GSTR 9C instead of getting it certified from the Chartered Accountants. This shall be applicable for the taxpayers having aggregate turnover of more than Rs. 5 Crores.
  4. The filing of GSTR 9 /9A to be optional for the taxpayers having aggregate turnover of less than Rs. 2 Crores.
  5. The time limit for the Department or by any person, for completion of any actions under the GST Act, the timeline of which falls between 15th April 2021 to 29th June 2021 to be extended till 30th June 2021.
  6. The demand for payment of Interest on net cash basis has been arising time to time. The GST Council has recommended the retrospective implementation of Section 50 w.e.f. 01-07-2017 which is to be notified at the earliest.

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