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GST Amnesty Scheme Relaxation: Extensions & Late fees waiver
GST Amnesty Scheme Relaxation: Recently the GST council in the forty-third council assembly introduced GST Amnesty Scheme 2021 and presents large comfort with the aid of using announcing waiver/decreased past due costs and hobby. Apart from reduction/clarification in past due costs and hobby for pending returns, Due dates for numerous compliance like GSTR-1, GSTR 3B, IFF, GSTR-4, ITC-04, Cumulative software of rule 36(4), and so on have been extended.
On the Govt of India on 1st June 2021 as issued a complete of 15 Notifications from Notification No. 15 /2021 – Central Tax to Notification No. 27 /2021 – Central Tax, Notification No. 02/2021 – Integrated Tax, and Notification No. 02/2021 – Union Territory Tax.
Delayed Interest Liability Only On Net GST Payment/ Net coins liability:
Retrospective modification has been made in Sec 50 of The CGST Act requiring Interest on tax payable in admire of substances made throughout a tax duration and declared withinside the go back for the stated duration provided after the due date most effective on that part of the tax that is paid via way of means of debiting the digital coin’s ledger i.e., Charge hobby for not on time fee of tax on internet coins liability.
The due date for furnishing GSTR-1 Extended for the month of March 2021:
In workout of the electricity conferred below phase 168 of the CGST Act, 2017. The authorities on the advice of the council hereby extend the due date for furnishing info of outward substances. In Form GSTR-1 for the month of May 2021 from the eleventh of June 2021 to the twenty-sixth June 2021.
Scheme to offer alleviation to taxpayers concerning past due prices for pending returns:
Registered humans who did not supply the go back in FORM GSTR-3B for the months /region of July 2017 to April 2021. Via way of means of the due date however furnishes the stated go back among the duration from the first day of June, 2021 to the thirty-first day of August 2021, the entire quantity of past due price below phase forty-seven of the stated Act, will be capped at:
Capping of Late rate for FORM GSTR 7 for the month of June 2021 onwards:
The overdue rate for putting off in furnishing of FORM GSTR 7 for the month of June 2021 onwards to be decreased to RS. 50 (Rs. 25 CGST + Rs. 25 SGST) according to day and problem to most of the Rs. 2,000 (Rs. 1,000 CGST + Rs. 1,000 SGST)
Time restriction for the crowning glory of intending or passing of any order or issuance of any notice, intimation, notification, sanction or approval and many others prolonged
This notification shall expand the time restriction for the crowning glory of diverse moves. Like the crowning glory of any intending or passing of any order or issuance of any notice, intimation, notification, sanction, or approval. And such different motion problems to exceptions noted in Notification No. 14/2021-Central Tax, dated the first May, 2021. If those fall at some point of the duration from the fifteenth day of April, 2021 to the twenty-ninth day of June, 2021, the identical will be prolonged upto the thirtieth day of June, 2021
Relaxation for Cumulative utility of rule 36(4) as much as June 2021:
Input tax credit score to be availed with the aid of using a registered character in admire of invoices or debit notes, the information of that has now no longer been uploaded with the aid of using the providers under sub-segment (1) of segment 37, shall now no longer exceed [5 percent
] of the eligible credit score to be had in admire of invoices or debit notes the information of that have been uploaded with the aid of using the providers. However, such circumstances shall practice cumulatively for the length April, May and June, 2021. And the go back in FORM GSTR-3B for the tax length June, 2021 or zone finishing June, 2021, because the case can also additionally be.
