GOVT WAIVES LATE FEE FOR DELAYED FILING OF MARCH, APRIL GSTR-3B, TAX PAYMENT
The government has waived late fee for delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also reduced interest rate for late filers.
The Finance Ministry in a statement said it has provided several relief measures in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under the Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic.
Taxpayers with a turnover of over Rs 5 crore have been given 15 days extra time to file monthly summary return GSTR-3B and pay taxes without paying any late fees. They would be required to pay a lower 9 per cent for these 15 days, after which the rate would be 18 per cent.
Businesses with turnover of up to Rs 5 crore in the preceding financial year, have 30 days more time from their original due date for filing 3B returns for March and April, with late fee waiver. Interest rate would be ‘Nil’ for the first 15 days, post which it would be a concessional 9 per cent rate. After 30 days, the normal 18 per cent interest would be levied.
The Central Board of Indirect Taxes and Customs (CBIC) on May 1 issued the notification, saying that these relaxations come into effect from April 18.
Also the due date for filing April sales return GSTR-1 has been extended till May 26, from the original due date of May 11.
For composition dealers filing sales return GSTR-4, the deadline for filing returns for the financial year ended March 31, 2021, has been extended by a month till May 31.
Team – Intellex Strategic Consulting Pvt Ltd
Intellexconsulting.com, Economiclawpractice.com, Venturestreets.com, BuySellMergers.com, Startupstreets.com