Amidst the fire and sword of the second wave of Corona-19, there is a sign of
relief —The Central Government has extended the last date for
Along with the above-mentioned breathers, the late fee has been waived off in certain cases and the rate of interest has been rationalised.
Coming to Goods and Servies Tax, the due dates for filing (both belated and revised) the following returns have been extended— GSTR-1 (sales return), GSTR-3B (summary return), GSTR-4 (annual composition return),
Those organizations that have a turnover of up to the amount of Rs 1 crore (filing GSTR-3B for both months March and April) have 30 more days. And for organizations having turnover up to the limit of Rs 5 crore have the additional 15 more days to file along with a nil late fee.
Moreover, for compensation dealers, The due date for filing an annual return has been extended to May 31, 2021, from previous April 30, 2021. Furthermore, Due date for GSTR-1 and that of sales return has now been extended till date of May 26, 2021.
And, the due date for the purpose of filing the objections and appeals to the Dispute Resolution Panel (DRP) and the Commissioner has henceforth been extended till May 31, 2021.
In addition, the interest rate has just been halved to 9 percent that is applicable specifically “for a delay in payment” up to 15 days for GST assesses (with a turnover of over Rs 5 crore). And those businesses with a turnover of up to Rs 5 crore shall not have any responsibility to pay any interest for the first 15 days and thereafter they have to pay at 9 percent for the next 15 days.
It is worthwhile mentioning that further extension may or may not be granted. So businesses should not procrastinate and wait for an extension of the last date.
As per the think tank of Tax experts, if a breather of a month or two had not been given then small and medium enterprises, one of the core sectors would have been worst affected. Crucial and Major parts of the country that includes Mumbai, Delhi, Haryana, Rajasthan, and Uttar Pradesh are facing a mild or complete lockdown.
Read More: Current Due Dates of GST Return Filing with Interest & Penalty
As per Abhishek Jain, tax partner, EY “With the unprecedented surge in Covid-19 pandemic and lockdown in several parts of the country, many industry players would have struggled to meet the GST compliance deadlines. The extension in the deadlines would provide much-needed relief to the industry”.
Sachin Taparia, chairman and founder, LocalCirlcles, said “Though there was a good bit of back and forth this time and a lot of time was taken, we are glad the government made the right decision which will provide much-needed relief to small businesses.”
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