Keeping in view the Covid pandemic, government has provided various relief measures for the period of March and April 2021.Relief measures are mentioned below:
Reduction in rate of Interest
- Person having aggregate turnover (A.T.O) above Rs 5 crore – 9 percent for first 15 days and 18 percent there after, payable in April 2021 and May 2021.
- Person having A.T.O up to Rs 5 crore – Nil interest for the first 15 days, 9 percent for next 15 days and 18 percent there after, payable in April 2021 and May 2021. For normal taxpayer as well as under QRMP scheme
- Person opted Composition Scheme: Nil interest for the first 15 days, 9 percent for next 15 days and 18 percent thereafter, for the quarter ending 31st March 2021, payable in April 2021.
Waiver of late fees
- Person having A.T.O above Rs 5 crore – Late fee waived for 15 days in respect of returns in FORM GSTR-3B due in the April 2021 and May 2021.
- Person having A.T.O up to Rs 5 crore – Late fee waived for 30 days in respect of the returns in FORM GSTR-3B, due in April 2021 and May 2021and for period Jan-March, 2021 (for taxpayers filing quarterly returns under QRMP scheme) due in April 2021.
Extension of due date of filing GSTR-1, IFF, GSTR-4 and ITC-04.
- Due date of filing FORM GSTR-1 and IFF for the month of April (due in May) has been extended by 15 days.
- Due date of filing FORM GSTR-4 for FY 2020-21 has been extended from 30th April,2021 to 31 May, 2021.
- Due date of furnishing FORM ITC-04 for Jan-March, 2021 quarter has been extended from 25th April, 2021 to 31 May, 2021.
Certain amendments in CGST Rules:
- Relaxation in a ailment of ITC: Rule 36(4) i.e., 105% cap on ailment of ITC in FORM GSTR-3B to be applicable on cumulative basis for period April and May 2021, to be applied in the return for tax period May 2021. Otherwise, rule 36(4) is applicable for each tax period.
- The filing of GSTR-3B and GSTR-1/IFF by companies using electronic verification code has already been enabled for the period from the 27.04.2021 to 31.05.2021.
Extension in statutory time limits under section 168A of the CGST Act:
Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 30th May, 2021, has been extended upto 31st May,2021, subject to some exceptions as specified in the notification.