The government has granted relief to businesses on a series of goods and services tax (GST) compliance requirements, including a reduction in interest and late fee for delayed return filing for March and April, a set of official orders issued late on Saturday showed.
The government, on the advice of the GST Council, also gave extra time for the authorities to complete certain statutory proceedings falling due between 15 April and 30 May till 31 May.
Accordingly, businesses with up to ₹5 crore sales will have no interest liability for late reporting of monthly summary of transactions for March and April for the first 15 days from the due date.
For the next fifteen days, there will be a concessional 9% annual interest and 18% thereafter. The same relief—waiver of interest for first 15 days followed by 9% concessional rate for the next 15 days—is also given to small businesses filing quarterly returns, for their March 2021 quarterly return.
Also, there is a late fee waiver for the monthly returns to be filed for March and April. Those with sales up to ₹five crore get late fee waiver for a month from the due date while larger businesses get a 15 day waiver, showed the orders issued by the Central Board of Indirect Taxes and Customs (CBIC). States will also be issuing corresponding orders.
Small businesses that file quarterly returns have been given late fee waiver for 30 days from the due date for the March quarter returns. They have also been given extra time of one month till end of May to file their annual returns for FY21.
Given the impact of the second wave of the coronavirus pandemic on the tax authorities, consultants and taxpayers, the government also gave extra time for certain procedures that have to be completed between 15 April and 30 May. These could now be completed by 31 May. These include passing orders, issuing notices or granting sanctions or approvals by any authority, commission or tribunal. Also, this will apply to filing of appeals, replies, reports, documents or records under GST laws.
Source: mint
