The GST council and government had released some of the best and exciting amendments and changes to bring forward the most required features to the GST applicability for the common people as well as organizations alike. Some GST amendments in compliance are late fee relaxation, lowering down of provisions doubts and more. You can check out a complete set of details below:
Removing Ambiguity for Taxpayers
- Previous revision in Section 50 of CGST Act w.e.f. 01.07.2021.
- Interest is required to get furnished upon the late payment of tax on a net cash basis*(not on gross tax)
*Net tax liability after adjusting ITC
You can refer to GST Notification No. 16/2021-Central Tax dated 1st June 2021 for more information
Compliance Duty Lowered for GST Taxpayers
The assessee whose Annual Aggregate Turnover (AATO) is up to 2.5 Crore are not needed to furnish the reconciliation statement in the GSTR-9C return form for FY 2020-21 onwards. The assessee whose AATO exceeds INR 2.5 Cr can now self-certify the GSTR 9C reconciliation statement for FY 2020-21 onwards before it was compulsory to certify by a chartered accountant / Cost accountant.
For more information, please refer to the GST Notification number 30/2021-Central Tax and 31/2021 – Central Tax both dated 30th July 2021
Late Fee Rationalisation Upon Late GSTR 7 Return Filing
Rationalization of the late fee subjected upon the late filing of the return in Form GSTR-7 via tax deductors at source towards the prospective tax periods from June 2021. Late fee subjected to pay towards the late filing of return in FORM GSTR-7 has been reduced to Rs.50/- per day (Rs.25/- each for CGST & SGST) per Return
The highest amount of late fee is Rs.2000/- ( Rs.1,000/- each for CGST & SGST) per Return
For additional information refer to the GST notification number 22/2021 – Central Tax on 1st July 2021
Late Fee Rationalisation Upon the Late GSTR 4 Filing
Rationalization of the late fee subjected to impose towards the late filing return in Form GSTR-4 through the composition assessee for the prospective tax durations from FY 21-22.
| Category of Taxpayers | The maximum amount of Late Fee |
|---|---|
| Taxpayers having a NIL tax liability | 2500/- ( 250/- each for CGST & SGST) per Return |
| Other Taxpayers | 2000/- (Z 1000/- each for CGST & SGST) per Return |
For further data refer to GST Notification number 21/2021 – Central Tax on 1st June 2021
Late Fee Exempted Towards the Late in Filing Form GSTR-3B
| Eligible Indian Taxpayers | For Tax Period | Due In | GST Late Fee waived for |
|---|---|---|---|
| AATO* more than INR 5 crore | Month of March 2021 | Month of April 2021 | |
| Month of April 2021 | Month of May 2021 | 15 Days | |
| Month of May 2021 | Month of June 2021 | ||
| AATO* below INR 5 crore- monthly GST Return Filers | Month of March 2021 | Month of April 2021 | 60 Days |
| Month of April 2021 | Month of May 2021 | 45 Days | |
| Month of May 2021 | Month of June 2021 | 30 | |
| AATO* below INR 5 crore- Quarterly GST Return Filers | Months of January-March 2021 | Month ofApril 2021 | 60 Days |
You can refer to GST notification number 19/2021-Central Tax dated 01.06.2021 for more info. Annual Aggregate Turnover
Revision in Rule 90(3) of CGST Rules
Deficiency communication time period being out of context in the computation of the limitation period.
Amendment in Rule 90(3) of CGST Rules:
Duration for a time from the furnishing date of GST refund application (RFD 01) till the issue date of deficiency memo (RFD 03), will not be included while calculating the limitation period of 2 years when a newer refund application gets furnished post to eliminate the deficiency. Refer to GST notification number 15/2021– Central Tax dated 18th May 2021 towards further info.
Amnesty Scheme for Late Filers for GST Returns
The late fee towards non-furnishing of the return in Form GSTR-3B for the tax duration from July 2017 to April 2021 the same has been furnished from 01.06.2021 to 30.11.2021 and is stated as beneath:
| Taxpayers Category | The Maximum GST Late Fee Amount |
|---|---|
| Taxpayers having NIL tax liability during the respective tax period | INR 500/- (INR 250/- each for CGST & SGST) per GST Return |
| Other Taxpayers | INR 1000/- (INR 500/- each for CGST & SGST) per GST Return |
For further information just refer to GST notification No. 33/2021-Central Tax on 29th August 2021 read with GST notification No. 19/2021– Central Tax, on 01.06.2021
Insertion of Rule 90(5) and 90(6) of CGST Rules
The facility to withdraw the refund application is been available in the specific cases during furnishing of Form GST RFD-01W. For additional information refer to GST notification number 15/2021– Central Tax dated 18th May 2021
Late Fee Rationalisation Upon the Late GSTR 1 & GSTR 3B Filing
Rationalization of the late fee imposable upon the late filing of the return in FORM GSTR-3B and FORM GSTR-1 towards the tax period from June 2021. To diminish the load of the late fee upon the assessee, the late fee has been limited which is mentioned below:
| Category of Taxpayers | The maximum amount of Late Fee |
|---|---|
| Taxpayers having zero tax liability/ zero outward supplies | INR 500/- INR 250/- each for CGST & SGST under GST) per Return |
| Other Taxpayers: | |
| For Indian taxpayers having aggregate T.O. in preceding FY below INR 1.5 Crore | INR 2k/- ( 1k/- each for CGST & SGST under GST) per Return |
| For Indian taxpayers having aggregate T.O. in preceding FY between INR 1.5 Crore to INR 5 Crore | INR 5k/- ( 2500/- each for CGST & SGST under GST) per Return |
| For Indian taxpayers having aggregate T.O. in preceding FY more than INR 5 Crore | INR 10k/- ( 5k/- each for CGST & SGST under GST) per Return |
For more additional components refer to GST notification number 19/2021 – Central Tax & Notification No. 20/2021 – Central Tax both dated 01.06.2021
Major Relief for Composite Taxpayers
The last date to file the Annual return in FORM GSTR-4 concerned to the FY 2020-21 was extended to 31st July 2021. Concerned to additional info refer to GST notification number 25/2021 – Central Tax dated 1st June 2021
Compliance Connected Advantage for GST Assessee
The last date to furnish Form ITC-04 the intimation of the goods furnished on the job work concerning the quarter ended March 2021 was prolonged to 30th June 2021. Towards the concerned information refer towards the Notification No. 26/2021 – Central Tax dated 01.06.2021
GST QRMP Scheme Towards the Assessee Whose Yearly T.O. > INR 5CR
- File to GST returns just once every quarter
- GST ITC Self-assessment & Tax once every quarter
- Enjoy Flexible GST Invoice Filing Facility (IFF)
- Opt-In & Opt-Out of the scheme smoothly
- Pay monthly tax conveniently utilizing the fixed sum method or self-assessment method in the 1st two months of a quarter.
Lessers Rate of Interest Rather than Normal Rate of Interest @18% Per Annum
| Eligible Indian Taxpayers | For Tax Period | Interest Rate (p.a.) and Period | ||
|---|---|---|---|---|
| 0 per cent | 9 per cent | 18 per cent | ||
| AATO* more than INR 5 Crore | Month of March 2021 | first 15 Days | Thereafter | |
| Month of April 2021 | ||||
| Month of May 2021 | ||||
| AATO* below INR 5 Crore (for normal Taxpayers & those under GST QRMP Scheme) | Month of March 2021 | First 15 Days | Next 45 Days | Thereafter |
| Month of April 2021 | First 15 Days | Next 30 Days | Thereafter | |
| Month of May 2021 | First 15 Days | Next 15 Days | Thereafter | |
| Taxpayers under GST Composition Scheme | Quarter ending 31st March 2021 | First 15 Days | Next 15 Days | Thereafter |
Annual Aggregate Turnover
Refer to GST notification number 18/2021-Central Tax 1st June 2021 for additional information.
Compliance Corresponding Advantage Towards the GST Assessee Revisions in Rule 36(4) of CGST Rules Relaxation in Taking of (ITC)
105% cap taking of ITC made functional on cumulative grounds towards the tax periods April, May and June 2021 to be applied in the return FORM GSTR-3B for the tax period June 2021
Towards more information refer to GST notification number 27/2021– Central Tax dated 1st June 2021.
GST Quarterly Return & Monthly Payment (QRMP) Policy
Returns (in FORM GSTR-3B) and Statements of outward supplies (in FORM GSTR-1) are available on quarterly grounds.
There would be no more monthly filing of returns or monthly furnishing of FORM GSTR-1
The small assessee would be held with the advantage i.e the diminished compliance button from the present 24 to 8 returns or statement in the year beneath QRMP policy.
Select to furnish only 4 returns (GSTR-3B) and file 4 statements of the outward supplies inside Form GSTR-1 for a year rather than the current system of the 12 returns or statements towards the year.
Benefit Concerned to the Compliance of the Assessee Who Does Not Come Beneath GST QRMP Scheme
The last date to file the information of the outward supplies in Form GSTR-1 towards the month of April and May 2021 has been prolonged by 15 days.
With respect to further info, refer to GST notification number 12/2021 – Central Tax dated 01.05.2021 and GST notification number 17/2021 – Central Tax on 1st June 2021
Compliance Corresponding to the Benefit of the Assessee Who is Under GST QRMP Scheme
The last date to upload B2B invoices towards the April and May months in the year 2021 via Invoice Furnishing Facility (IFF) was being prolonged through 15 days.
For further information, refer to GST notification number 13/2021-Central-Tax on 1st May 2021 and the Goods and Services Tax notification number 27/2021- Central Tax dated 1st June 2021.
GST IFF (Invoice Filing Facility)
The invoices are to get filed in Form GSTR-1 once a quarter. The policy is available for the enrolled individual whose turnover of Rs 5 crore. Facility to file the chosen invoices (IFF) available on the optional grounds from 1″ to 13th of the next month in the 1st two months of the quarter. The left invoice to get filed engaging with FORM/GSTR-1.
The Benefits Concerned to the Compliance towards the GST Assessee U/S 168A of the CGST Act
The time restrictions towards the finish of several executions through the authority or individual was prolonged with respect to the specific exceptions.
| For Period | Extended Upto |
|---|---|
| 15th April – 29th June month 2021 | 30th June 2021 |
Towards the additional information refer to GST notification number 24/2021 – Central Tax dated 1st June 2021.
Compliance Associated Advantage towards the GST Assessee
The time duration to furnish the application towards the refusal of the cancellation of the enrollment comes between 01.03.2020 to 31.08.2021) was prolonged till 30.09.2021.
Seeking further information refer to GST notification number 34/2021-Central Tax dated 29.08.2021 read with GST circular number 158/14/2021-GST dated 06.09.2021.
Compliance Relevant Advantage Towards GST Assessee’s
Facility to furnish GSTR-3B/ GSTR-1 or submit the information of B2B invoices through IFF via firms by the means of Electronic Verification Code (EVC) rather than Digital signature Certificate was made available till 31.10.2021.
Towards more information refers to GST notification number 32/2021– Central Tax dated 29th August 2021 read with GST notification No. 07/2021– Central Tax on 27th April 2021.
