GST Late Fees Waiver And Other Covid reliefs

 Yesterday on 28th May 2021,Government announced major reliefs to MSME and others in GST. 

We will discuss all the reliefs in brief one by one. 

Amnesty Scheme :-
To relief to taxpayers regarding Late Fee for Pending GSTR-3B for the tax periods from  👉 *July, 2017 to April, 2021*
🍍 If GSTR-3B returns for these tax periods are furnished between *01.06.2021 to 31.08.2021:*
🫐 Maximum Late Fees : 💸 *Rs. 500/-* (including CGST and SGST) per return who did 👉 *not have any tax liability* for the said tax periods. 
🍓 Maximum Late Fees : 💸 *Rs1000/- per return* for other taxpayers;*

Upper cap on late fees For GSTR 3B & GSTR 01 for Future Returns 

👉 1. For *NIL Returns* irrespective of the turnover : 💸 *Rs. 500 per return.*
👉 2. For taxpayers having *turnover below 1.5 Cr* in the previous year : 💸 *2000 per return.*
👉 3. For taxpayers having *Turnover 1.5 cr to 5 Cr* : 💸 *5000 per return.*
👉 4. For Taxpayers having *Turnover above 5 Cr* : 💸 *10000 per return.*

🌀 *GSTR 04 (For composition tax payers)*
👉 If tax liability is Nil : 💸 ₹ 500
👉 Otherwise : 💸 ₹ 2000

🍇 For *Form GSTR-7 (TDS Return of GST)* : 💸 Rs.50 per day subject to maximum *Rs.2000 per return.*
🚨 So, Now Late Fees is Rs. 50 per day subject to the Upper Cap.🎩

COVID-19 related additional relief measures 

🍉 *For Small Taxpayers (Aggregate Turnover upto Rs.5 Cr.)*

♻️ *_March & April 2021:_*
👉 *NIL Interest* for first 15 days from the due date of payment,
👉 *9% Interest* thereafter for further
🍀 45 days for *March, 2021* and
🍀 30 days for *April, 2021.*

👉 *Waiver of late fee* for GSTR-3B for
🍀 March 60 days and
🍀 April 45 days.

👉 *NIL Interest* for first 15 days for CMP-08 by *composition dealers* for QE March 2021, and
👉 *9%* thereafter for further 45 days.

♻️ *_For May 2021_:*
👉 *NIL rate* of interest for first 15 days and
👉 *9%* thereafter for further 15 days.
👉 *Waiver of late fee* for GSTR-3B for 30 days. 

🍉 *For Large Taxpayers (Aggregate Turnover More than Rs. 5 crore)*
👉 *Interest @ 9%*  for first 15 days for May, 2021.
👉 *Waiver of late fee* for GSTR-3B for May for 15 days

Certain other COVID-19 related relaxations

🌀 *Filing GSTR-1/ IFF* for the month of May by 15 days.
🌀 *GSTR-4 for FY 2020-21 to 31.07.2021.*
🌀 *ITC-04 for QE March :* 30.06.2021.
🌀 *Cumulative application* of rule 36(4) for April, May and June can be made in June return.
🌀 Allowing filing of returns by *companies using EVC,* instead of DSC till 31.08.2021.

🍉 *GST Annual Return GSTR-9/9A & Reconciliation 9C (F.Y. 2020-21):*

👉 For *Small taxpayers* having T/o upto 2 Cr. GSTR-9/9A is *optional.*

👉 *Self Certified GSTR-9C* to filled by taxapyers having T/o *above 5 Cr.* (No CA/CMA certification required)

Thanks & Regards

CA Shivam Gupta 

Contact number :- 9634064288, 8218368465

Visit us on Http://www.shivamguptaassociates.com

You can also write to us at shivamgupta.ca.bly@gmail.com