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

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

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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

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Class of GST Registered Person Period/Month Rate of Interest
Turnover more than Rs. 5 Crore March’2021 and April’2021 9% for the first 15 days from the due date and 18% thereafter
Turnover up to Rs. 5 Crore March’2021 and April’2021 9% for the first 15 days from the due date and 18% thereafter
Composition Dealers March Quarter NIL, 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 Person Period/Month Late Fee Waiver
Turnover more than Rs. 5 Crore March’2021 and April’2021 15 days from the original due date of furnishing return
Turnover up to Rs. 5 Crore (Monthly GSTR 3B) March’2021 and April’2021 15 days from the original due date of furnishing return
Turnover up to Rs. 5 Crore (Quarterly GSTR 3B) March Quarter 30 days from the original due date of furnishing return

Also Read- Circular No. 08/2021:- CBDT has extended certain timelines of Income Tax to 31st May 2021

Extension of various forms

Return Form Period Original Due Date Extended Date
GSTR 1 April 2021 11th May 2021 26th May 2021
GSTR 4 FY 2020-21 30th April 2021 31st May 2021
IFF April 2021 13th May 2021 28th May 2021
ITC 04 Jan – Mar 2021 25th April 2021 31st 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.

Feedback/Suggestion- Hope you all find it useful, please give your valuable feedback & let us know if there is an error. Thanks in Advance

Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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This post was last updated on May 2, 2021 2:14 PM

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