Extension of Timeline for compliances under GST

EXTENSION OF DUE DATE FOR VARIOUS COMPLIANCES IN GST ACT

Ministry of Finance vide various notifications issued on the 1^st May, 2021 has relaxed various due dates applicable under the Goods and Services Tax Law. These relaxations have been summarized as follows:

1.      Extension in Due Date of GSTR-1:

Due date for filing GSTR-1 for the Month of April 2021 has been extended to 26^th May 2021 and Invoice Furnishing Facility (IFF) for the Month of April 2021 can be filed up to 28^th May 2021.

2.      Change in Rate of Interest:

The following Rate of Interests have been Notified for monthly GST Returns of March 2021 and April

2021 and Quarterly GST Returns for Quarter Jan-Mar 2021 in the following manner:

i.          Taxpayers having turnover more than Rs. 5 Crores in preceding financial year –

First 15 Days - 9%; Thereafter - 18%.

ii.        All other taxpayers -

First 15 Days – Nil; Next 15 Days – 9%; Thereafter – 18%

This notification has been given a retrospective effect from 18.04.2021.

3.      Waiver of Late Fee:

Late fees applicable to late filing of GSTR-3B has been waived for monthly GST Returns of March

2021 and April 2021 and Quarterly GST Returns for Quarter Jan-Mar 2021 in the following manner:

i.          Taxpayers having turnover more than Rs. 5 Crores in Preceding financial year – 15 days from due date of filing of Return;

ii.        All Other Taxpayers – 30 days from due date of filing of Return.

This notification has been given a retrospective effect from 20.04.2021.

4.      General Extension to all Compliances:

Where due date for completion of any compliance, filing of appeal, furnishing any document etc. falls

between 15^th April 2021 to 30^th May 2021 has been extended to 31^st May 2021. However such extension shall not apply to the following:

Availment of ITC;

Switch from Composition to Regular due to increase in Turnover; Procedure of Registration (except Rule 9);

Issuance of Tax invoice and credit notes; Filing of Returns;

 

Generation of E-way Bill.

5.      Cumulative Effect of Rule 36(4):

Rule 36(4) for the Month of April 2021 and May 2021 to have a cumulative effect in the GSTR- 3B of May 2021.

6.      Other Relaxations:

i.    Due date for filing GSTR-4 under Rule 62 has been extended from 30^th April 2021 to 31^st May 2021;

ii.  Due date for filing of ITC-04 for the quarter of Jan-Mar 2021 has been extended from 25^th

 

April 2021 to 31st May 2021.

While best efforts have been made to summarize the contents of the Notifications for educational purposes, this is not a legal opinion. Please feel free to contact us for clarifications and guidance.

With Warm Regards,

Grrowwide Business Advisors Private Limited