Relaxations in Indirect Tax compliances due to Covid-19 Inbox

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Relaxations in Indirect Tax compliances due to Covid-19

 

 

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In the view of second wave of Covid-19 across the country, the Government of India has notified certain relaxations in Indirect Tax compliances as under:

 

  • Reduction in interest rate for late payment of tax for the month of March and April 2021.
Taxpayers Upto 15 days Next 15 days Thereafter
Having turnover more than 5 crores in the preceding financial year 9% 18% 18%
Having turnover upto 5 crores in the preceding financial year NIL 9% 18%
Under composition scheme (March 2021 quarter) NIL 9% 18%
  • Late fee waived off for delay in filing of returns for the month of March and April 2021.
Taxpayers Late fee waived off
Having turnover more than 5 crores in the preceding financial year Upto 15 days
Having turnover upto 5 crores in the preceding financial year Upto 30 days
  • Extension of due date for filing GSTR-1 return for the month of April 2021 till 26 May 2021.
  • Extension of due date for furnishing IFF for the month of April 2021 till 28 May 2021.
  • Extension of due date for filing GSTR-4 for composition taxpayers for FY 2020-21 upto 31 May 2021.
  • Extension of due date for filing FORM GST ITC-04 for job-workers for the period January 2021 to March 20201 upto 31 May 2021.
  • Input tax credit considered cumulatively for the period April and May 2021 for calculation of the limit of 5% input tax credit not available in GSTR-2A while filing GSTR-3B for the month of May 2021.
  • Time limit for completion or compliance of any action (as specified below) by any authority or by any person, which falls during the period from 15 April 2021 to 30 May 2021 is extended upto 31 May 2021.
    • Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action by any authority.
    • Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record by any person.
  • Relaxation in pending SEZ compliances, expiry of validity of LoAs, approvals or permissions till 30 June 2021.
  • Extension of validity of RCMC certificate expired on or before March 31, 2021 till 30 September 2021.

 

 

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