Author CA.Dr. Gaurav Bhambri  

Latest GST News

1. 2021 GST Updates

30th July 2021

1. A GST registered person whose aggregate turnover in the financial year 2020-21 is up to Rs.2 crore has been given exemption from filing Form GSTR-9 (annual return) for the FY 20202-21.
2. The section 35(5) is omitted and section 44 is amended, so that the taxpayer can submit the reconciliation statement on a self-certification basis instead of being furnished after audit and certification by CA/CMA.
3. The taxpayers having aggregate turnover up to Rs.5 crore are not required to file self-certified GSTR-9C . Further, changes are notified to the format of Form GSTR-9C from FY 2020-21 onwards.

30th June 2021

Any late fee, otherwise chargeable for non-compliance with the dynamic QR code requirement from 1st December 2020 to 30th September 2021, is waived.

01st June 2021

The summary of CBIC notifications is as follows:

1. The amendment of Section 50 through the Finance Act 2021 has been notified to come into effect from 1st July 2017, retrospectively. Now, interest shall be computed on the net tax liability after reducing eligible ITC from the total liability. It is to be noted that the interest shall be debited from the electronic cash ledger.
2. Interest and late fee relief have been provided to the taxpayers who could not file GST returns by the due dates for March, April and May 2021. Check out the relaxation here.
3. The due date to file GSTR-1 for May 2021 has been extended from 11th June 2021 to 26th June 2021.
4. The due date to file Annual return by composition taxpayers in GSTR-4 for FY 2020-21 has been extended up to 31st July 2021.
5. The due date to file ITC-04 for Jan-March’21 has been extended up to 30th June 2021.
6. CGST Rule 36(4) to cumulatively apply for April, May and June 2021 while filing GSTR-3B of June 2021.
7. The time limit to furnish B2B supplies on the IFF (optional facility for the taxpayers opting into the QRMP scheme) for May 2021 has been extended from 13th June to 28th June 2021.
8. The time limit for completing any GST compliance, except a few notified, falls between 15th April 2021 and 29th June 2021 has been extended to 30th June 2021.
9. A new GST amnesty scheme has been introduced to rationalise late fees for delay in filing of GSTR-3B return. It provides a conditional waiver of late fees for delay in filing GSTR-3B return from July 2017 to April 2021. 
10. The reduced late fee has been notified for GSTR-1 and GSTR-3B returns from June 2021 onwards. 
11. The maximum late fee for GSTR-4 that can be charged will be restricted to Rs.500 per return for nil filing and Rs. 2,000 for other than nil filing.
12. The late fee chargeable for GSTR-7, i.e. TDS filing under GST, shall be a maximum of Rs. 2,000 while late fee per day charged is reduced from Rs.200 to Rs.50 per day of delay per return.
13. CGST notification no. 13/2020 amended for fresh exclusions from the need to issue e-invoices. Now, the e-invoicing system shall not apply to a government department and local authority.