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Outbreak of second wave of Kovid 19, government gives many relief to GST taxpayers

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New Delhi. The government has issued several notifications in view of the challenges facing taxpayers in meeting various statutory and regulatory compliance under the Goods and Services Tax (GST) Act due to the rising outbreak of the second wave of the Kovid-19 pandemic.

Relief for those doing more than 5 crore business
For registered persons with a total turnover of more than Rs 5 crore, tax payable for the tax periods of March 2021 and April 2021, which are payable in April 2021 and May 2021 respectively, for the first 15 days from the last date of payment of tax. A concessional interest rate of 9 per cent and then 18 per cent interest rate has been notified.

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Whose business is 5 crores or less
On the other hand, both the general taxpayers and the taxpayers falling under the QRMP Scheme for the tax periods payable for the tax periods of March 2021 and April 2021 for registered persons with a total turnover of up to Rs 5 crore, which are payable in April 2021 and May 2021 respectively. For the same, zero interest rate for the first 15 days from the last date of payment of tax has been notified for the next 15 days at 9 percent interest rate and thereafter 18 percent interest rate.

Date of composition scheme moved forward
Zero interest for the first 15 days from the last date of tax payment for the tax payable for the quarter ended March 31, 2021, for the quarter ending March 31, 2021, for registered individuals who opted to pay tax under the composition scheme. Rate, 9 percent interest rate for the next 15 days and 18 percent interest rate thereafter has been notified.

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Late fee waived
Form GSTR after deadline for tax periods of March 2021 and April 2021, which are payable in April 2021 and May 2021, respectively, for registered persons with a total turnover of more than Rs 5 crore towards waiver of late fees. Late fees in respect of returns submitted to 3B have been waived for 15 days.

Extended the date for filing returns
The tax periods of March 2021 and April 2021 (for taxpayers filing monthly returns), which are payable in April 2021 and May 2021, respectively, for registered individuals with a total turnover up to Rs 5 crore and January-March 2021 Waiver of late fee for 30 days in respect of returns submitted in Form GSTR-3B after the last date for the period (for taxpayers filing quarterly returns under the QRMP scheme), which is payable in April 2021. Has been done.

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Date for submission of these forms increased
The deadline for filing GSTR-1, IFF, GSTR-4 and ITC-04 has been extended. The last date for filing Form GSTR-1 and IFF for the month of April (specified in May) has been extended by 15 days. The last date for filing Form GSTR-4 for the financial year 2020-21 has been extended from April 30, 2021 to May 31, 2021. Apart from this, the last date for filing Form ITC-04 for the January-March, 2021 quarter has been extended from April 25, 2021 to May 31, 2021.

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