The Central Board of Indirect Taxes and Customs, on 1st June 2021 released 12 important GST notifications related to Due Date Extension, Rationalizing of Late Fee and Interest Rate etc. together with notifying the Central Goods and Services Tax (Fifth Amendment) Rules, 2021. These notifications have been released following the recommendations of the 43rd GST Council Meeting, which was held on 28th May 2021.
Let us understand all of these notifications in detail.
1. Date of Effect of Section 112 of the Finance Act 2021
Vide Notification No. 16/2021 - Central Tax, CBIC has appointed 1st June 2021 as the date on which Section 112 of the Finance Act 2021 shall come into force. This section seeks to amend Section 50 of the Central Goods and Services Tax Act, 2017 which relates to Interest on Delayed Payment of GST.
2. CBIC extends the due date for filing GSTR-1 for May 2021 by 15 days
Vide Notification No. 17/2021 - Central Tax, CBIC has extended the due date for furnishing details of outward supplies in Form GSTR-1 for the month of May 2021 from 11th June 2021 to 26th June 2021.
3. CBIC provides relief by lowering the interest rate
Vide Notification No. 18/2021 - Central Tax, CBIC has provided relief to taxpayers by lowering the interest rate for a specified time for tax periods March 2021 to May 2021, w.e.f 18th May 2021, in the following manner:
|
S. No. |
Class of registered persons |
Interest Rate Lowered |
Period for which late fee waived |
|
1. |
Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year |
9 per cent for the first 15 days from the due date and 18 per cent thereafter |
March 2021, April 2021 and May 2021 |
|
2. |
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39 |
Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter |
March 2021 |
|
Nil for the first 15 days from the due date, 9 per cent for the next 30 days, and 18 per cent thereafter |
April 2021 |
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|
Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter |
May 2021 |
||
|
3. |
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 |
Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter |
March 2021 |
|
Nil for the first 15 days from the due date, 9 per cent for the next 30 days, and 18 per cent thereafter |
April 2021 |
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|
Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter |
May 2021 |
||
|
4. |
Taxpayers who are liable to furnish the return as specified under sub-section (2) of section 39 |
Nil for the first 15 days from the due date, 9 per cent for the next 45 days, and 18 per cent thereafter |
Quarter ending March 2021 |
4. CBIC rationalizes late fee for delay in filing of return in Form GSTR-3B
Vide Notification No. 19/2021 - Central Tax, CBIC has rationalized late fee for delay in filing of return in FORM GSTR-3B w.e.f 20th May 2021 and has provided a conditional waiver of late fee for delay in filing FORM GSTR-3B from July 2017 to April 2021. Moreover, the authorities have also provided a waiver of late fees for late filing of return in FORM GSTR-3B for specified taxpayers and specified tax periods.
Period for which late fee is waived
|
S. No. |
Class of registered persons |
Tax period |
Period for which late fee waived |
|
1. |
Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year |
March 2021, April 2021 and May 2021 |
Fifteen days from the due date of furnishing return |
|
2. |
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who |
March 2021 |
Sixty days from the due date of furnishing return |
|
are liable to furnish the return as specified under sub-section (1) of section 39 |
April 2021 |
Forty-five days from the due date of furnishing return |
|
|
May 2021 |
Thirty days from the due date of furnishing return |
||
|
3 |
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 |
January-March, 2021 |
Sixty days from the due date of furnishing return. |
5. CBIC rationalizes late fee for delay in furnishing of the statement of outward supplies in Form GSTR-1
Vide Notification No. 20/2021 - Central Tax, CBIC has waived the late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1 from June 2021 onwards or the quarter ending June 2021 onwards, in the following manner:
|
S. No. |
Class of registered persons |
Amount |
|
1. |
Registered persons who have nil outward supplies in the tax period |
Two hundred and fifty rupees |
|
2. |
Registered persons having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year, other than those covered under S. No. 1 |
One thousand rupees |
|
3. |
Registered persons having an aggregate turnover of more than rupees 1.5 crores and up to rupees 5 crores in the preceding financial year, other than those covered under S. No. 1 |
Two thousand and five hundred rupees |
6. CBIC rationalizes late fee for delay in filing of return in Form GSTR-4
Vide Notification No. 21/2021 - Central Tax, CBIC has waived the late fee for delay in furnishing of return in FORM GSTR-4 for FY 2021-22 in the following manner:
- Which is in excess of two hundred and fifty rupees where the total amount of central tax payable in the said return is nil;
- Which is in excess of one thousand rupees for the registered persons other than those covered under clause (i).
7. CBIC rationalizes late fee for delay in filing of return in Form GSTR-7
Vide Notification No. 22/2021 - Central Tax, CBIC has waived the late fee for delay in furnishing of return in FORM GSTR-7 for the month of June 2021 onwards for an amount that is in excess of one thousand rupees.
8. Vide Notification No. 23/2021 - Central Tax, the Central Board of Indirect Taxes and Customs has excluded government departments and local authorities from the requirement of issuance of e-invoice.
9. Vide Notification No. 24/2021 - Central Tax, the Central Board of Indirect Taxes and Customs has extended all the due date compliances fall during the period from 15th April 2021 to 29th June 2021, till 30th June 2021.
10. Vide Notification No. 25/2021 - Central Tax, the Central Board of Indirect Taxes and Customs has extended the due date for filing FORM GSTR-4 for the FY 2020-21 to 31st July 2021.
11. Vide Notification No. 26/2021 - Central Tax, the Central Board of Indirect Taxes and Customs has extended the due date for furnishing of FORM ITC-04 for QE March 2021 to 30th June 2021.
12. Vide Notification No. 27/2021 - Central Tax, the Central Board of Indirect Taxes and Customs has released the Central Goods and Services Tax (Fifth Amendment) Rules, 2021 in order to further make amendments to the Central Goods and Services Tax Rules, 2017. As per the notification, amendments have been made under Rule 26(1) and 36(4) of the CGST Rules 2017.
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