Econom

Government relaxes GST compliance

Our Burea New Delhi | Updated on May 02, 2021

No late fees fro March or April 3B filing

The Finance Ministry has relaxed compliance norms for Goods & Services Tax (GST) assesses.

Accordingly, there will be no late fees for filing March/April 3B up to 15 days and 30 days from original due date for taxpayer with turnover more than five crore and upto five crore, respectively. For quarter ending March 31, there will be no late fees if 3B filed within 30 days from original due date. Form 3B shows how much tax has been paid in cash and how much through credit. It is the most important return form to judge tax collection situation.

Due date for filing GSTR 4 (Annual Return for person opted for Composition Scheme) has been extended to May 31 from March 31. Similarly, ITC-04 due date extended to May 31 for Jan-Mar quarter. GSTR-1 due date for April has been extended to May 26.

The ministry has extended compliance of rule 36(4). Such condition will apply cumulatively for the period April and May. The return in FORM GSTR-3B for the tax period May shall be furnished with the cumulative adjustment of input tax credit for the said months in accordance with the condition above.

Timeline for all other proceedings, asset order etc, whose last date of completion falls between April 15-May 30 has been extended to May 31.

Published on May 02, 2021

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