To relieve coronovirus hit businesses, the Finance Ministry on May 1 notified nine changes in compliance requirements under the GST regime. This includes deadlines for filing GST returns in some cases for the months of March and April 2021, reducing the amount of late fees and even late fee waivers.
The government’s decision came after the GST collection set a new high of Rs 1.41 lakh crore for April. Under the interest rate reduction, the Finance Ministry has implemented concessional rates of interest in lieu of the normal interest rate of 18% per annum for delay in payment of tax.
Under the waiver of late fees, registered persons with a total turnover of more than Rs 5 crore, late fee is waived for 15 days in respect of returns in Form GSTR3B furnished beyond the due date. For registered persons with a turnover of up to Rs 5 crore, late fees were waived for 30 days in respect of returns in FORM GSTR-3B beyond the due date for the tax period March, 2021 and April, 2021. The government has announced the extension due date for filing GSTR-1, IFF, GSTR-4 and ITC-04.
Apart from this, some amendments have also been announced in the CGST rules, in addition to exemption in availing ITC and extension of statutory time limit under Section 168A of CGST Act. For registered individuals with a total turnover of more than Rs 5 crore, the interest rate of 9% for the 15 days before the due date of tax payment and 18% after that for the tax period payable for March 20 and April 2021 for April respectively. Due in 2021 and May 2021, notified.