New Structure of GST Return Late Fees: GST Council Meeting Proposals
This Article has deeply analysed all the Proposals of 43rd GST Council Meeting like GST Amnesty Scheme, New Structure of GST Late Fees, Interest and Late fee waiver for March, April, May 2021 Monthly GSTR 3B filling, GSTR-4, GSTR-1 & CMP-8 Due Date Extension etc.
Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:
OLD GSTR 3B: July 2017 to April 2021
| Taxpayers | *Maximum late fee | CGST | SGST |
| Nil Tax Liablity | 500 | 250 | 250 |
| Other tax payers | 1000 | 500 | 500 |
Rationalization of late fee imposed under section 47 of the CGST Act:
New GSTR 3B and GSTR 1*
| Taxpayers | Maximum late fee | CGST | SGST |
| Nil Tax Liability in GSTR 3B or Nil outward supply in GSTR 1 | 500 | 250 | 250 |
|
Other taxpayers |
Maximum late fee | CGST | SGST |
| AATO >=1.5Cr in PY | 2000 | 1000 | 1000 |
| AATO 1.5 cr to 5 Cr in PY | 5000 | 2500 | 2500 |
| AATO >5Cr in PY | 10000 | 5000 | 5000 |
*Separate late fee for GSTR 3B & GSTR 1- Above limits are not combined
GSTR 4
| Taxpayers | Maximum late fee | CGST | SGST |
| NIL | 500 | 250 | 250 |
| OTHER | 2000 | 1000 | 1000 |
GSTR 7
| Taxpayers | Maximum late fee | CGST | SGST |
| PER DAY | 50 | 25 | 25 |
| Maximum | 2000 | 1000 | 1000 |
Interest and Late fee waiver for March, April, May 2021: Monthly GSTR 3B filling
Tax Period: March 2021
| Tax
Period |
Class of taxpayer
(Based on AATO) |
Due date of filing | Reduced Rate of Interest | Waiver of late
fee till |
||
| First 15 days
from due date |
Next 45 days | From 61st
day onwards |
||||
| March,
2021 |
> Rs. 5 Cr. | 20th April | 9% | 18% | 18% | 5th May 2021 |
| Up to Rs. 5 Cr | 20th April | Nil | 9% | 18% | 19th June
2021 |
|
Tax Period: April 2021
| Tax
Period |
Class of taxpayer
(Based on AATO) |
Due date of filing | Reduced Rate of Interest | Waiver of late
fee till |
||
| First 15 days
from due date |
Next 30
days |
From 46st day
onwards |
||||
| April,
2021 |
> Rs. 5 Cr. | 20th May | 9% | 18% | 18% | 4th June, 2021 |
| Up to Rs. 5 Cr | 20th May | Nil | 9% | 18% | 4th July 2021 | |
Tax Period: May 2021
| Tax
Period |
Class of taxpayer
(Based on AATO) |
Due date of filing | Reduced Rate of Interest | Waiver of late
fee till |
||
| First 15 days
from due date |
Next 30
days |
From 46st day
onwards |
||||
| May,
2021 |
> Rs. 5 Cr. | 20th June | 9% | 18% | 18% | 4th July,2021 |
| Up to Rs. 5 Cr | 20th June | Nil | 9% | 18% | 20th July,2021 | |
QRMP PMT 06-Interest and Late fee waiver for March, April, May 2021
Tax Period: March 2021
| Tax Period | Due date | Reduced Rate of Interest | ||
| First 15 days from due date | Next 45 days | From 61st day
onwards |
||
| March, 2021 | 20th April | Nil | 9% | 18% |
Tax Period: April 2021
| Tax Period | Due date | Reduced Rate of Interest | ||
| First 15 days from due date | Next 30 Days | From 46st day
onwards |
||
| April-21 | 25th May | Nil | 9% | 18% |
Tax Period: May 2021
| Tax Period | Due date | Reduced Rate of Interest | ||
| First 15 days from due date | Next 15 Days | From 31st day
onwards |
||
| May-21 | 26th June | Nil | 9% | 18% |
QRMP GSTR 3B Late fee wavier
| Quarter | Due Date | Waiver of late fee till |
| Jan – March 2021 | 20th April | 19th June 2021 |
Composition Interest wavier
| Tax Period | Due date | Reduced Rate of Interest | ||
| First 15 days from due date | Next 45 days | From 61st day
onwards |
||
| Jan – March 2021 | 18th April | Nil | 9% | 18% |
Composition GSTR 4
| Tax period | Due Date | New Due date |
| FY 2020-21 | 30th April 2021 | 30th July 2021 |
Composition GSTR 4- Late fee waiver
| Tax liability | Maximum late
fee |
CGST | SGST |
| NIL | 500 | 250 | 250 |
| OTHER | 2000 | 1000 | 1000 |
Various Due date extension
| Returns | Month | Year | QTR | New Due date |
| GSTR 1 | May-21 | 26th June,21 | ||
| GSTR 4 | FY 20-21 | 31st July,21 | ||
| ITC 04 | Jan-March 21 | 30th June,21 |
Other benefits
Rule 36(4) of CGST Rules
Cumulative application of rule 36(4) for availing ITC for tax periods April, May and June, 2021 in the return for the period June, 2021
Use of EVC By companies
Allowing filing of returns by companies using Electronic Verification Code (EVC), instead of Digital Signature Certificate (DSC) till 31.08.2021.
Section 168A of CGST Act
Relaxations under section 168A of the CGST Act: Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April 2021 to 29th June 2021, to be extended upto 30th June 2021, subject to some exceptions. [Wherever the timelines for actions have been extended by the Hon’ble Supreme Court, the same would apply]
Simplification of Annual Return for Financial Year 2020-21:
| Return | Period | Optional for AATO UPTO | Self- Certified |
| GSTR 9/9A | FY 2020-21 | 2 CR | YES |
| GSTR 9C | FY 2020-21 | 5 CR | YES |
Section 50 of CGST Act
Retrospective amendment in section 50 of the CGST Act with effect from 01.07.2017, providing for payment of interest on a net cash basis, to be notified at the earliest.
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