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 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- 43rd GST Council Meeting: Highlights and Latest News Update
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.
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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)