From extension of due dates to late fee waivers. All you need to know about relief measures for tax compliance

Here is a list of measures taken under the Goods & Services Tax (GST) law to ease the compliance of taxpayers in the face of a national health crisis.
FORM GSTR-4 for the fiscal year 2020-2021 can now be filed by May 31, instead of the earlier deadline of April 30.(Representational Image)
FORM GSTR-4 for the fiscal year 2020-2021 can now be filed by May 31, instead of the earlier deadline of April 30.(Representational Image)
Published on May 02, 2021 05:56 PM IST
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Byhindustantimes.com | Edited by Deepali Sharma, Hindustan Times, New Delhi

The central government on Sunday announced several relief measures for tax compliance amid the raging second wave of coronavirus disease (Covid-19).

Here is a list of measures taken under the Goods & Services Tax (GST) law to ease the compliance of taxpayers in the face of a national health crisis.

> The due date for filing FORM GSTR-1 and IFF for the month of April has been extended by 15 days.

> FORM GSTR-4 for the fiscal year 2020-2021 can now be filed by May 31, instead of the earlier deadline of April 30.

> FORM ITC-04 for January to March 2021 quarter can also be furnished by May 31.

> Further time limits under section 168A of the CGST Act have also been extended. Various actions, by any authority or by any person, under the act, which falls during the period from April 15 to May 30, subject to some exceptions, can be completed by May 31.

> The late fee has also been waived off for 15 days for registered persons having aggregate turnover above Rs. 5 crore in respect of returns in FORM GSTR-3B filed after the due date for tax periods March 2021 and April 2021, due in April and May respectively.

> Similarly, late fee has been waived off for 30 days for registered persons with aggregate turnover up to 5 crore in respect of the returns in FORM GSTR-3B filed after he due date for tax periods March 2021 and April 2021 (for taxpayers filing monthly returns) due in April 2021 and May 2021 respectively and for period January-March (for taxpayers filing quarterly returns under QRMP scheme) due in April 2021.

Also read: Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31

> For delayed tax payments, the government has reduced the normal rate of interest 18 per cent levied per annum. For registered persons with a turnover of more than 5 crore, an interest rate of 9 per cent for the first 15 days from the due date of payment of tax and 18 per cent thereafter, for the tax payable for tax periods March 2021 and April 2021, payable in April 2021 and May 2021 respectively.

> Registered persons with turnover up to 5 crore will face no interest rate for the first 15 days from the deadline of payment, 9 per cent will be levied for next 15 days and 18 per cent thereafter, or both normal taxpayers and those under QRMP scheme, for the tax payable for the periods March 2021 and April 2021, payable in April 2021 and May 2021 respectively.

> Zero rate of interest will exist for the first 15 days from the deadline for registered persons who have opted to pay tax under the Composition scheme. 9 per cent will be charged for the next 15 days, and 18 per cent thereafter has been notified for the tax payable for the quarter ending March 31, payable in April 2021.

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Monday, November 29, 2021