Anyalysis of Recommendations of 43rd GST Council Meeting

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:-

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

In the case of Form GSTR 4

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

QRMP

Turnover of more than Rs. 5 Crores

For GSTR 1/ IFF

Other Extensions

For Composition scheme dealers – Filing CMP 08                                    

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 15^th April 2021 to 29^th June 2021 to be extended till 30^th 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.