The government has waived the late fee on delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also cut the 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.
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 a late fee waivers. The interest rate would be 'Nil' for the first 15 days, post which it would be 9 per cent. After 30 days, an 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.
"Large taxpayers will enjoy a full waiver of late fee, and partial relief in levy of interest wherein GSTR -3B filings are delayed up to 15 days. However, small taxpayers will enjoy similar benefits even if such filings are delayed up to 30 days," Mohan added.
While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B is filed in a staggered manner between the 20th-24th day of the succeeding month.