Interest & Late Fees Waiver

This query is : Resolved

Manish Gupta (Querist)
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07 May 2021 •Relaxation in the interest rate is provided for March & April 2021 GSTR-3B Returns. Kindly refer the table below:

Taxpayer having T/o more than Rs. 5Cr in FY 19-209% for first 15 days and 18 % thereafter from the due date.
Taxpayer having T/o upto Rs. 5Cr in FY 19-20 Nil for the first 15 days, 9% for next 15 days and 18% thereafter from due date.
Taxpayers who are liable to furnish return under composition scheme / QRMP scheme.Nil for the first 15 days, 9% for next 15 days and 18% thereafter from due date.

•No late fees to be levied for filing GSTR 3B for March & April 2021 GSTR-3B Returns. Kindly refer the table below:

Taxpayer having T/o more than Rs. 5Cr in FY 19-20.15 days from the due date of furnishing return
Taxpayer having T/o upto Rs. 5Cr in FY 19-20 or opted for QRMP scheme.30 days from the due date of furnishing return

•CBIC extends due date for filing GSTR 4 (Annual Return for person opted for Composition Scheme) for FY 2020-21 till 31st May, 2021.

•CBIC extends due date for filing GST ITC-04 for the period January to March 2021 till 31st May, 2021.

•GSTR-1 due date for the period April 2021 extended to 26th May 2021.

•IFF due date for the period April 2021 extended to 28th May 2021.

•Rule 36(4) shall apply cumulatively for April and May, 2021 in GSTR-3B Return for May, 2021.

•Companies incorporated between 27/04/2021 to 31/05/2021 are allowed to file GSTR-1 / GSTR-3B / IFF through electronic verification code (EVC).

•Return Calendar facility has been enabled on the dashboard of GST Portal wherein one can see the filing status of last return period.

•Rate of Tax Tab has been enabled in Table No. 12 (HSN Wise Summary) in GSTR 1 Return.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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09 July 2024 It seems like you've provided information about various relaxations and extensions related to GST returns and compliance. Here's a breakdown of each point and its implications:

1. **Interest Rates for March & April 2021 GSTR-3B Returns:**
- For taxpayers with turnover (T/o) more than Rs. 5 crore in FY 2019-20: 9% interest for the first 15 days from the due date, and 18% thereafter.
- For taxpayers with turnover up to Rs. 5 crore in FY 2019-20 or opted for QRMP scheme: Nil interest for the first 15 days, 9% interest for the next 15 days, and 18% thereafter.

2. **Late Fees Waiver for March & April 2021 GSTR-3B Returns:**
- Late fees will not be levied for filing GSTR-3B for March & April 2021 returns.
- Due dates:
- For taxpayers with turnover more than Rs. 5 crore in FY 2019-20: 15 days from the due date.
- For taxpayers with turnover up to Rs. 5 crore in FY 2019-20 or opted for QRMP scheme: 30 days from the due date.

3. **Extension for GSTR-4 (Composition Scheme Annual Return) and GST ITC-04:**
- GSTR-4 for FY 2020-21 extended till 31st May 2021.
- GST ITC-04 for January to March 2021 extended till 31st May 2021.

4. **Extension of GSTR-1 and IFF Due Dates:**
- GSTR-1 due date for April 2021 extended to 26th May 2021.
- IFF (Invoice Furnishing Facility) due date for April 2021 extended to 28th May 2021.

5. **Cumulative Application of Rule 36(4) for April and May 2021:**
- Rule 36(4) of GSTR-3B will apply cumulatively for April and May 2021 returns.

6. **Filing Allowance for Newly Incorporated Companies:**
- Companies incorporated between 27th April 2021 to 31st May 2021 can file GSTR-1, GSTR-3B, and IFF through electronic verification code (EVC).

7. **Return Calendar on GST Portal:**
- Return Calendar facility enabled on the GST portal dashboard to view the filing status of the last return period.

8. **Enhancement in GSTR-1:**
- Rate of Tax Tab enabled in Table No. 12 (HSN Wise Summary) in GSTR-1 Return.

These measures aim to provide relief and facilitate easier compliance for taxpayers during specific periods. For precise application and compliance requirements, taxpayers are advised to refer to official notifications and updates from the GST authorities. Always ensure to file returns accurately and within the extended deadlines to avoid penalties and interest charges.