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

Part 2: Other important proposals

  1. 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.noClass of registered personTax PeriodGSTR-3B Late fee
exemption
Rate of
Interest
ABCDE
1Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial yearMay 2021For 15 days from the due date of furnishing the return9 per cent for
the first 15 days
from the due
date and 18 per
cent thereafter
2Taxpayers 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 returnNil 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 filers30 days from the due date of furnishing the returnNil for the first
15 days from the
due date, 9 per
cent for the next
15 days, and 18 per cent
thereafter
3Return by composite tax payersQuarter Jan 2021 to March 2021Nil 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,

ShineWing India