COVID-19 crisis continues create havoc in the country, and the equivalent lockdowns are impacting businesses. In view of this, the Centre has come up with several relaxations regarding timelines for GST compliance norms.
Among the relaxations, the government has extended the deadline for filing GST returns, and reduced the interest and late fee for delayed return filing for March and April.
According to a statement from the Finance Ministry, 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.
While those with a turnover 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 9 per cent. After 30 days, a 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.
