Part 2: 43rd GST Council Meeting dated 28-05-2021 – Proposals

Part 2: Other important proposals

Abolishing of GST audit and introduction of self-certification of Form GSTR-9C, shall be notified soon.

The above amendment will be applicable for FY 2020-21.

Optional filing of Annual return (Form GSTR-9/9A) for FY 2020-21, if aggregate annual turnover is up-to Rs. 2 crores.
Self-certified reconciliation statement under Form GSTR-9C for FY 2020-21 is not required, if aggregate annual turnover is up-to Rs. 5 crores.
At earliest notification of amendment will be made under section 50 (interest on delay in deposition of tax on cash liability only).

Revised Interest rate or late fees for March 2021 to May 2021

S.no	Class of registered person	Tax Period	GSTR-3B Late fee exemption	Rate of Interest
A	B	C	D	E
1	Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year	May 2021	For 15 days from the due date of furnishing the return	9 per cent for the first 15 days from the due date and 18 per cent thereafter
2	Taxpayers having an aggregate turnover of up-to rupees 5 crores in the preceding financial year, and furnishing Form GSTR-3B return on monthly basis or Quarterly basis.	March 2021 and April 2021 (for monthly return filers) Jan 2021 to March 2021 (for quarterly return filers)	60 days for March 2021 or quarter March 2021 and 45 days for April 2021, from the due date of furnishing the return	Nil for the first 15 days from the due date, 9 per cent for the next 45 days for March 2021 and 30 days for April 2021, and 18 per cent thereafter end of 45 days or 30 days, as case may be.
		May 2021 for monthly return filers	30 days from the due date of furnishing the return	Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter
3	Return by composite tax payers	Quarter Jan 2021 to March 2021	–	Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter

Shikhar Verma, Article Assistant,

SW India