Keeping in view of the rising Covid-19 instances throughout the nation, the Indian authorities has introduced numerous relief measures for taxpayers beneath the Goods & Services Tax (GST) legislation. The transfer will give a significant respite to a number of enterprise and taxpayers who’re reeling beneath the pandemic.
In its official assertion, the Ministry of Finance introduced a discount within the charge of curiosity. For registered individuals having mixture turnover above Rs 5 crore, a 9% rate of interest, as an alternative of the same old 18%, shall be levied “for the first 15 days from the due date of payment of tax and 18 per cent thereafter for tax periods March 2021 and April 2021, payable in April 2021 and May 2021.”
For registered individuals having mixture turnover as much as Rs 5 crore, a 0% rate of interest shall be levied for the primary 15 days from the due date of fee of tax. The ministry will cost a 9% charge for the following 15 days, and 18% thereafter. The deadlines are the identical for each regular taxpayers and people beneath QRMP scheme for related GST fee deadlines.
The ministry has additionally introduced a waiver of the late price for 15 days past the due date for registered individuals having mixture turnover above Rs 5 crore. For registered individuals having mixture turnover as much as Rs 5 crore, there’s no late price for 30 days after the due date.
Moreover, the ministry has introduced the extension of due date of submitting GSTR-1, IFF, GSTR-4, and ITC-04. Last date for submitting FORM GSTR-1 and IFF for the month of April has been prolonged by 15 days. Taxpayers and enterprise can file FORM GSTR-4 and FORM ITC-04 for FY 2020-21 till thirty first May, 2021 now.
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