GST Updates: CBIC extend GST return due dates, waives late fees and Interest in GST

The CBIC vide various notifications dated May 01, 2021, has extended due dates, waived late fees, and Interest under GST. The same is summarised with the following tables.

Lower Interest Rate

Class of GST Registered PersonPeriod/MonthRate of Interest
Turnover more than Rs. 5 CroreMarch’2021 and April’20219% for the first 15 days from the due date and 18% thereafter
Turnover up to Rs. 5 CroreMarch’2021 and April’20219% for the first 15 days from the due date and 18% thereafter
Composition DealersMarch QuarterNIL, for the first 15 days, 9% for the next 15 days, and 18% thereafter

Waiver of late fees for delay in furnishing return in form GSTR-3B

Class of GST Registered PersonPeriod/MonthLate Fee Waiver
Turnover more than Rs. 5 CroreMarch’2021 and April’202115 days from the original due date of furnishing return
Turnover up to Rs. 5 Crore (Monthly GSTR 3B)March’2021 and April’202115 days from the original due date of furnishing return
Turnover up to Rs. 5 Crore (Quarterly GSTR 3B)March Quarter30 days from the original due date of furnishing return

Also Read- 43rd GST Council Meeting: Highlights and Latest News Update

Extension of various forms

Return FormPeriodOriginal Due DateExtended Date
GSTR 1April 202111th May 202126th May 2021
GSTR 4FY 2020-2130th April 202131st May 2021
IFFApril 202113th May 202128th May 2021
ITC 04Jan – Mar 202125th April 202131st May 2021

Changes regarding claiming ITC more than GSTR 2A/2B

Condition of not availing credit in excess of 5% of the eligible credit available in respect of invoices or debit notes, the details of which have been uploaded by the suppliers shall apply cumulatively for the period April and May 2021 and to be adjusted accordingly in GSTR 3B of May 2021.

Must Read- Bank Holidays in May 2021: Banks to remain closed 12 Days in May- Check the complete list here

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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