INVEST MP Expression of Interest (EOI) For Inviting Online Tender...
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The Goods and Services Tax (GST), introduced in 2017 as a totally new taxation regime, has undergone several amendments since its launch. These amendments have often caused confusion among taxpayers, resulting in multiple extensions of deadlines for filing the returns and a lesser number of taxpayers complying with the return filing process. As a result, it became critical to tightly enforce the return filing procedure by attaching late fines and interest on late GST payments.
Any delay in filing the GST returns before the deadlines (including extensions, if any) as prescribed by the taxation department is deemed non-compliance and attracts a strict penalty as per the GST Act. The penalty amount depends on the number of delayed days from the date and is determined supported by the sort of returns filing that will broadly be classified into three categories:
GSTR Form | Tax Period | The Period In Which Returns Shall Be Furnished | Late Fee Applicable |
Form GSTR-3B | July 2017 to April 2021 | Between 1 June 2021 and 31 August 2021 | Capped to Rs. 500 (Rs. 250 under CGST and Rs. 250 under SGST) per return for taxpayers without any tax liability during the said tax period |
Form GSTR-3B
(Taxpayers with AATO up to Rs. 1.5 Crores) | Preceding year | Prospective Taxation period | Capped to a maximum of Rs. 2000 (Rs. 1000 each under CGST and SGST) |
Form GSTR-3B (Taxpayers with AATO between Rs. 1.5 Crores and Rs. 5 Crores) | Preceding year | Prospective Taxation period | Capped to a maximum of Rs. 5000 (Rs. 2500 each under CGST and SGST) |
Form GSTR-3B (Taxpayers with AATO more than Rs. 5 Crores) | Preceding year | Prospective Taxation period | Capped to a maximum of Rs. 10000 (Rs. 5000 each under CGST and SGST) |
Form GSTR-4
(For Composite Taxpayers) | Preceding year | Prospective Taxation period | Capped to Rs. 500 (Rs. 250 under CGST and Rs. 250 under SGST) per return for taxpayers with NIL tax liability |
Form GSTR-7 | Preceding year | Prospective Taxation period | Reduced to Rs. 50 per day (Rs. 25 SGST and Rs. CGST) and capped to a maximum of Rs. 2000 (Rs. 1000 each under CGST and SGST) per return |
GST payments that are made beyond the due date are charged interest. In the following cases,
In addition to the previous relief measures for GST late fees, taxpayers have been awarded further relief for interest on GST late payments. Here’s a table summarising the reintroduced interest on late GST payments for the months of March and April 2021:
Taxpayer and Return Type | Tax Period | Taxpayer Class based on AATO | Filing Due Date | Reduced Rate of Interest | Waiver of Fee till | |||
First 15 days from Due Date | Next 15-days | From the 31st day onwards | ||||||
Normal taxpayers filing monthly returns in Form GSTR 3B | March 2021 | Upto Rs. 5 Crores | 20 April 2021 | Nil | 9 percent | 18 percent | 20 May 2021 | |
More than Rs. 5 Crores | 20 April 2021 | 9 percent | 18 percent | 18 percent | 5 May 2021 | |||
April 2021 | Upto Rs. 5 Crores | 20 May 2021 | Nil | 9 percent | 18 percent | 19 June 2021 | ||
More than Rs. 5 Crores | 20 May 2021 | 9 percent | 18 percent | 18 percent | 4 June 2021 | |||
Taxpayers under QRMP scheme filing quarterly returns | March 2021 | Form GSTR-3B (quarterly) | 22/24 April 2021 | Nil | 9 percent | 18 percent | 22/24 May 2021 | |
April 2021 | Form GST PM-06 Challan | 25 May 2021 | Nil | 9 percent | 18 percent | Not Applicable |
INVEST MP Expression of Interest (EOI) For Inviting Online Tender...
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