The government has waived the late fee for the delay in submission of GST’s monthly return to GSTR-3B for the months of March and April 2021. Along with this, the interest rate has also been cut for 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 for these 15 days at a reduced rate of nine per cent, after which the rate will be 18 per cent. At the same time, during the last financial year, those doing business up to five crore rupees 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. The interest rate for the first 15 days 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.
Concessions effective from April 18
The Central Board of Indirect Taxes and Customs (CBIC) has issued this notification on May 1, stating that these concessions will come into effect from 18 April. Along 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 for the financial year 2020-2021 has been extended by one month to May 31.
Rajat Mohan, senior partner, AMRG & Associates said the government has offered reliefs in view of the current situation arising out of the Kovid epidemic. At the moment, every businessman in the country needs some kind of expansion in compliance. Businessmen fill the details of a single month’s sales in GSTR-1 by the 11th of the following month, while GSTR-3B is filled between the 20th and the 24th of the following month.
