The authorities has waived the late fee on delayed filing of month-to-month return GSTR-3B and tax payment for the months of March and April and likewise minimize the rate of interest for late filers.
Taxpayers with a turnover of over Rs 5 crore have been given 15 days additional time to file month-to-month abstract return GSTR-3B and pay taxes with out paying any late charges. They can be required to pay a decrease 9 % for these 15 days, after which the speed can be 18 %.
While these with a turnover as much as Rs 5 crore within the previous monetary 12 months have 30 days extra time from their authentic due date for filing 3B returns for March and April, with a late fee waiver. The rate of interest can be ‘Nil’ for the primary 15 days, submit which it could be 9 %. After 30 days, a18 % curiosity can be levied.
The Central Board of Indirect Taxes and Customs (CBIC) on May 1 issued the notification, saying that these relaxations come into impact from April 18.
Also, the due date for filing April gross sales return GSTR-1 has been prolonged until May 26, from the unique due date of May 11.
For composition sellers filing gross sales return GSTR-4, the deadline for filing returns for the monetary 12 months ended March 31, 2021, has been prolonged by a month until May 31.
AMRG & Associates Senior Partner Rajat Mohan mentioned owing to Covid induced exigencies, the federal government has launched compliance-related reliefs for the block of two-month March and April 2021. Every taxpayer of the nation is eligible for some kind of extension irrespective of the dimensions of operations.
“Large taxpayers will enjoy a full waiver of late fee, and partial relief in levy of interest wherein GSTR -3B filings are delayed up to 15 days. However, small taxpayers will enjoy similar benefits even if such filings are delayed up to 30 days,” Mohan added.
While companies file GSTR-1 of a specific month by the eleventh day of the following month, GSTR-3B is filed in a staggered method between the Twentieth-Twenty fourth day of the succeeding month.
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