SMTA/June.2021/GST Updates
12th June 2021
GST Updates
Good morning.
To give effect to the decision taken at 43rd GST Council meeting, GST department has issued few notifications on 1st June 2021.
1. Notification no 16/2021 ( payment of interest on delayed filing of GSTR 3B)
Section 50 of CGST Act which governs payment of interest has been amended w.e.f 1st July 2017. Registered person will now be required to pay interest on tax paid through electronic cash ledger. No interest to be paid on tax paid through ITC.
2. Notification number 17/ 2021
The last date for filing GSTR-1 return for May 2021 has been extended till 26th June 2021.
3. Notification no 18/2021
Interest payment for delay in filing GSTR-3b –
A Registered person having turnover of more than Rs 5cr in preceding year – 9% interest p.a. for first 15days after due date of filing of GSTR 3B and 18% interest p.a. thereafter for the month of March, April and May.
B. Registered person having aggregate turnover upto Rs 5cr in last year –
For March 2021 – No interest for first 15 days after the due date of filing of GST 3B, 9% pa for next 45 days and 18% pa thereafter.
For April 2021 – Nil interest for first 15 days from the due date of filing GSTR-3B, 9% pa for the next 30 days and 18% pa thereafter.
For May 2021 – Nil interest for first 15 days from the due date of filing GSTR- 3b, 9% pa for next 15 days and 18% pa thereafter.
C. Registered person filing GSTR – 3b on a quarterly basis – No interest for the first 15 days from the due date of filing GSTR- 3b for quarter March 2021, 9% pa for the next 45 days and 18% pa thereafter.
4. Notification no 19/2021 ( waiver of late fees for GSTR 3B for March, April and May 2021)
a. Registered person having aggregate turnover of more than Rs 5cr in last year –
No late fees for the first 15 days from the due date.
b. Registered person having aggregate turnover upto Rs 5cr –
For March 2021- No late fees upto 60 days from the due date.
For April 2021- No late fees upto 45 days from the due date.
For May 2021- No late fees upto 30 days from the due date.
c. Registered person filing quarterly GSTR- 3b – No late fees upto 60 days from the due date of filing return for March 2021 quarter.
d. Amnesty scheme-
Those who have not filed their GSTR- 3b for any month or quarter from July 2017 till April 2021 can file the return before 31st August 2001 with the late fee of Rs 1000 per return.
If the tax payable in any return is Nil, then the late fees shall be Rs 500 per such return.
e. Maximum late fees for delay in filing GSTR-3b from June 2021 onwards-
If tax payable is Nil then maximum late fees shall be Rs 500 per return
If turnover in the last year is upto Rs 1.50 crore, then maximum late fees shall be Rs 2000 per return.
If turnover in last year is is up to Rs 5 crore, then the maximum late fees shall be Rs 5000.
5. Notification no 20/2021
Maximum late fees for delay in filing GSTR-1 from June 2021 onwards-
If there is no outward supplies during the month/ quarter, then maximum late fees shall be Rs 500.
If the turnover during last year is upto Rs 1.5 crore, then maximum late fees shall be Rs 2,000.
If turnover during last year is upto Rs 5 crore, then maximum late fees shall be Rs 5000.
6. Notification 26/2021 ( Filing of Job Work return)
All Registered person can file ITC 04 for Jan – March 2021 till 30th June 2021.
7. Notification 27/2021 (Availment of ITC and filing of IFF for April 2021)
a. Registered person can claim ITC for April and May 2021 as per their books without following GSTR 2A. However, while filing GSTR 3B for June 2021, it need to ensure that it has availed ITC for April, May and June, put together , as per GSTR 2A plus 5%.
b. Registered person filling quarterly GSTR 1 can file outward supply details in IFF for May 2021 from 1st June till 28th June 2021. Earlier the due date was till 13th June 2021.
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