Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment
The government has waived late fee on delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also cut interest rate for late filers.
Taxpayers with a turnover of over Rs 5 crore have been given 15 days extra time to file monthly summary return GSTR-3B and pay taxes without paying any late fees. They would be required to pay a lower 9 per cent for these 15 days, after which the rate would be 18 per cent.
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While those with a turnover up to Rs 5 crore in the preceding financial year have 30 days more time from their original due date for filing 3B?returns for March and April, with late fee waiver. Interest rate would be 'Nil' for the first 15 days, post which it would be 9 per cent. After 30?days, a 18 per cent interest would be levied.
The Central Board of Indirect Taxes and Customs (CBIC) on May 1 issued the notification, saying that these relaxations come into effect from April 18.
Also the due date for filing April sales return GSTR-1 has been extended till May 26, from the original due date of May 11.?
For composition dealers filing sales return GSTR-4, the deadline for filing returns for the financial year ended March 31, 2021, has been extended by a month till May 31.
AMRG & Associates Senior Partner Rajat Mohan said owing to Covid induced exigencies, the government has introduced compliance-related reliefs for the block of two-month March and April, 2021. Every taxpayer of the country is eligible for some form of extension irrespective of the size of operations.
The story has been taken from a news agency
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