Government’s big decision regarding GST, now there will not be any penalty for filing monthly returns with delay

The government has waived the late fee for the delay in submitting GST monthly returns of GST for the months of March and April 2021. Along with this, the interest rate has also been cut by filing delayed returns. Taxpayers with a turnover of more than five crore rupees have been given 15 days extra time to file monthly brief returns and have been asked to pay tax without any late fees. Taxpayers will have to pay interest at a reduced rate of nine per cent for these 15 days, after which this rate will be 18 per cent.

At the same time, those who have done business of up to five crore rupees during the last financial year have been given 30 days more time than the original date for filing 3B returns for March and April and also waived the late fee for filing late returns. Has gone. For the first 15 days, the interest rate will be ‘zero’, after that it will be charged at the rate of nine percent and after 30 days, interest will be payable at the rate of 18 percent. The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification on May 1 stating that the A concessions will come into effect from April 18.

Deadline for GSTR-1 until 26 May

With this, the deadline for filing April sales return GSTR-1 has been extended till May 26, which was to be filed on May 11. For composition dealers who file GSTR-4, the deadline for filing sales returns has been extended by one month to May 31 for the financial year 2020- 21.

Currently announced relief for March and April

Rajat Mohan, Senior Partner, AMRG & Associates, said that in view of the current situation arising out of the Kovid epidemic, the government has offered compliance rates for two months in March and April 2021. At this time every businessman of the country needs some kind of expansion in compliance. “Big taxpayers will get the benefit of complete exemption from late fees while interest relief is given partial relief for 15 days delay in filing GSTR 3B.” At the same time, small taxpayers will get the same benefit even after delay of 30 days. “Businessmen fill the details of the sale of any one month in GSTR-1 by the 11th of the next month while GSTR-3B will be paid 20 of the next month Filled between the 24th and the 24th.

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