There will be relief in filling up the forms and interest on net tax

- Sales tax: Soham Mashruwala

A notification has been issued by the government to implement the decisions taken under the 8th meeting of the GST Council. According to the existing system, no form is revised today. The trader has no chance to correct the mistake and will be penalized for taking advantage of that mistake. Even today there is a long wait for refunds and new registration numbers and when a change in a registration number is applied for, details of all other traders are sought. The people have to do as the king says. Today's article discusses the amendment of the provision of relief interest paid in the monthly form and other amendments.

Interest on net tax

When a trader has a credit tax credit and has to pay an amount, it is natural that interest should not be charged. The peculiarity of the GST Act is that the disclosure in this matter was not in the law and an incomplete provision was made. Subsequently, decisions were taken by the government to amend it and most recently, on June 1, 2021, notification no. Section 114 of the Finance Act 2061 has been implemented by 12/2021. Due to this, interest will have to be paid only on net tax due. It is important to note that this benefit is not available when proceedings under Section 4 or 5 have been carried out and the matter needs to be rectified.

Monthly letter / IFF

Earlier, the government had extended the dates for the month of April 31. In addition, the relief has now been extended for the May 2021 rollout. In which the time is extended on the basis of aggregate annual turnover and interest relief is given. Which is as follows:

(1) The aggregate annual turnover of the supplier in the previous year was Rs. Suppliers with more than Rs 5 crore will be able to fill up the GSTR3B form for the month of May 2021 with 5% interest till July 31, 31 and no late fee will be charged. If it is paid after July 8, 15% interest will be charged and late fee will also have to be paid.

(2) The aggregate annual turnover of the supplier is Rs. 3 crore or less and the supplier who has to pay the GSTR3B form for May 2021 will be able to do so without any late fee till July 30, 2021 and if it is paid by July 3, 2021, no interest will be charged. Thereafter, if the form is filed by July 30, 2021, 5% interest will be charged. If it is to be paid after July 30, 2021, 15% interest and late fee will have to be paid.

(2) GSTR1 form of May 2021 can be filled till June 2, 2021.

(3) Traders who are under IFF payable QRMP scheme will be able to pay IFF of May 2021 till June 6, 2021.

Another relief

(1) Instead of monthly observance of Rule 2 (3), the accumulation effect of April 31, May 2021 and June 2021 will have to be given in June 2021.

(5) GSTR4 form for job work should be filled by 30th June 31st for the quarter of January-March 31st.

(2) Dates can be filled from GSTR 3B and GSTR1 EVC from 5th April 31st to 21st August 31st and no mandatory digital signature is required.

(2) The provision of e-invoice shall not apply to Government Department and Local Authority.