AAKR ASSOCIATES

Taxation & Accounting

Practical Issues regarding Double TDS – Section 206AB

In order to encourage taxpayers to file ITR and discourage non-filers of ITR, new provisions of the Income Tax Act will get applicable from 1st July 2021 under which TDS would get applicable at double rates for specified category of persons. These new provisions were announced in Budget 2021 vide introduction of Section 206AB and will get applicable from 1st July 2021.

Applicability of Provisions of Section 206AB

The provisions of newly introduced Section 206AB would only be applicable to those persons (including Individuals, Partnership Firms, LLP’s, Companies etc) who have not filed ITR for the past 2 consecutive years and the TDS Deducted in each of these past 2 consecutive years is more than Rs. 50,000.

If the above condition holds true, then the person making the payment to the person falling in the above category would be required to deduct TDS at Double the rate or 5% (whichever is higher).

The reason for introduction of this section is to encourage everyone (especially, those persons whose TDS has been deducted) to file their Income Tax Returns every year.

Non-applicability of this New Section

Apart from the above mentioned condition of more than Rs. 50,000 TDS Deduction and non-filing of ITR for 2 years, the provisions of this newly introduced section shall also not apply to Non-Residents who don’t have permanent establishment in India .

The provisions of this section shall also not apply where the payment is being made to a Resident Indian under any of the following sections:-

  1. Section 192: Payment of Salaries
  2. Section 192A: Withdrawal from Provident Fund
  3. Section 194B: Winning from Lottery
  4. Section 194BB: Winning from Horse Race
  5. Section 194LBC: Income in respect of Investment in Securitization Trust
  6. Section 194N: Cash Withdrawal in excess of specified limit

Thus, if the payment is being made under any of the above mentioned sections for the above mentioned purposes, this new section regarding double TDS would not apply. However, if the payment is being made for any other purpose, then the provisions of this section will get applicable.

For eg: Mr. X is a Salaried employee of ABC Ltd and earns Salary of Rs. 7,00,000. He has not filed his returns for the past 2 years. The TDS deducted on his income has been more than Rs. 50,000 each year for the past 2 years. In such a case as well, the provisions of Double TDS would not get applicable as the payment made by ABC Ltd to Mr. X is in the nature of Salary.

However, if the same Mr. X was providing consultancy services to ABC Ltd, the provisions of this section will get applicable in such a case and TDS at double the rates would get applicable. If Mr. X had filed his returns for the past 2 years, then the TDS deduction would have been @ 10% under Section 194J for professional consultancy services. However, as Mr. X has not filed his Income Tax Returns, therefore provisions of this section will get applicable and TDS would be deducted at 20% (Double the normal rate of 10% or 5% whichever is higher)

Therefore in this case where professional consultancy services have been provided by Mr. X, 20% of Rs. 7,00,000 i.e. Rs. 1,40,000 would be the TDS which would be deducted on the payment for architectural services. Mr. X would be able to claim credit of this double TDS while filing his income tax returns.

Practical Issues related to this Section

The provisions of this Section will only get applicable where the due date for filing of ITR under Section 139(1) has lapsed. The due date for filing of ITR under Section 139(1) for Financial Year 2020-21 has already been extended till 30th Sept. 2021 for Non-audit cases and till 31st Oct. 2021 for Audit cases.

Therefore, although officially this Section comes into force from 1st July 2021, the provisions of this section will not get applicable before 30th Sept 2021 as the due date for filing of ITR has not lapsed. Moreover, there is no mechanism as on date to verify whether a person whose TDS deducted was more than Rs. 50,000 in the past 2 years has filed his returns or not. The Income Tax Dept. should ideally create a framework on their portal which will help verify whether the person has filed ITR or not. In the absence of this framework, it is very difficult to practically implement this newly introduced section.

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E-invoicing system for e-Commerce Operators

The e-invoicing system is also available for the E-Commerce Operators (ECO) to
report the invoices to the Invoice Registration portal, generated by them on behalf
of the suppliers. The e-invoicing system identifies the e-Commerce operators based
on the taxpayer type in the GST registration details. The taxpayer having the type
as ‘TCS’ will be enabled for reporting invoices on the e-invoicing system as eCommerce Operator.
However, it is important to note that E-commerce transactions can be reported by
the E-commerce operators with “EcmGstin†attribute as their GSTINs. This means
to say, that apart from specifying the Seller GSTIN in the payload, it is mandatory
to specify the e-Commerce operator GSTIN in the “EcmGstin†attribute of the
schema by e-Commerce Operator when he logs in using his user credentials.

  1. e-Invoice APIs available for e-Commerce Operators
    • Generate IRN (for self or on behalf of suppliers)
    • Cancel IRN (applicable to only for those IRNs, generated by e-Commerce
    operator)
    • Generate E-Waybill
    • Cancel E-waybill (applicable to only for those IRNs generated by e-Commerce
    operator)
    • Get IRN (applicable to only for those IRNs, generated by e-Commerce operator)
  1. Scope of Access to IRNs generated by e-Commerce operator and Supplier
  1. Process for integrating on the Sandbox system
    The following procedure has to be followed by the e-Commerce operators to
    integrate their ERP systems to the sandbox system of IRP.
    • The Registration module in the sandbox system has an option ‘E-Commerce
    Operator’
    • The e-Commerce Operator may select this option and enter the GSTIN of type ‘TCS’
    and get registered in the sandbox portal, by authenticating with OTP sent to the
    GSTIN registered mobile.
    • API credentials such as Client-Id, Client-Secret, User-name and Password may be
    generated.
    • On logging into the sandbox tool, there is no need to add the GSTINs.
    • The payload to generate the IRN may be prepared and tested in the sandbox tool.
    • As already mentioned, the payload shall contain the Seller GSTIN, Buyer GSTIN and
    also the e-Commerce GSTIN along-with other details.
    • All other validations and schema and procedure mentioned in the sandbox portal
    may be followed.
    • While using the ‘Cancel IRN’,’ Generate EWB by IRN’, Cancel EWB’, ‘Get IRN’, send
    the ‘Supplier GSTIN’ in addition to other parameters
  1. Process for integrating on the Production system
    The following procedure may be followed by the e-Commerce operators to
    integrate their ERP systems to the production system of IRP.
    • The TCS registered taxpayer will need to do login registration in the Invoice
    registration portal (https://einvoice1.gst.gov.in ). If already registered, the
    taxpayer can login to the Invoice registration portal.
    • Select the API registration.
    • Submit the application for whitelisting the IPs along with summary test report. Up
    to 4 Indian Static IPs are allowed.
    • On submission of the application, the network team will scrutinize and whitelist
    the IPs.
    • API credentials such as Client-Id, Client-Secret, User-name and Password may be
    generated.
    • Create the username and password for the other PAN related GSTINs by selecting
    the above GSTIN.
    • Use above credentials, the payload to generate the IRN, may be prepared and IRN
    may be generated.
    • As already mentioned, the payload will contain the Seller GSTIN, Buyer GSTIN and
    also the e-Commerce GSTIN along with other details

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GST Revenue collection for May 2021

GST Revenue collection for May 2021

₹ 1,02,709 crore gross GST revenue collected in May

The gross GST revenue collected in the month of May 2021 is₹1,02,709 crore of which CGST is â‚¹17,592 crore, SGST is â‚¹22,653, IGST is â‚¹53,199 crore (including â‚¹26,002 crore collected on import of goods) and Cess is â‚¹ 9,265 crore (including â‚¹868 crore collected on import of goods).The above figure includes GST collection from domestic transactions till 4th of June since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month May’21 in the wake of covid pandemic second wave.

During this month the government has settled ₹ 15,014 crore to CGST and ₹ 11,653 crore to SGST from IGST as regular settlement.

The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 56% higher and the revenues from domestic transaction (including import of services) are 69% higher than the revenues from these sources during the same month last year.

This would be eighth month in a row that GST revenues have crossed ₹ 1 lakh crore mark. This is despite the fact that most of the States have been under strict lockdown due to the pandemic. In addition, while the taxpayers with turnover above ₹ 5 crore had to file their returns by 4th June, which they would have otherwise filed by 20th May, smaller taxpayers with turnover less than ₹ 5 crore still have time till first week of July to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then. The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire.

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Synopsis of Notifications issued basis of the decisions taken in 43rd GST Council Meeting

Notification No. 16/2021 – Central Tax dated 1st June 2021

Interest on delayed payment of taxes is to be paid on the net liability, i.e., the amount debited in the cash ledger. This is a retrospective amendment.

Notification No. 17/2021 – Central Tax dated 1st June 2021

The due date for filing GSTR – 1 for the month of May 2021 has to be filed by 26th June 2021.

Notification No. 18/2021 – Central Tax dated 1st June 2021

Relaxation is given for the payment of interest for the delay in payment of taxes on account of the lockdowns. The notification is a retrospective one and effective from 18th May 2021.

Sr. No Details/Particulars Rate of Interest Months
1 Taxpayers having turnover above ₹ 5 crores during the previous financial year Reduced rate at 9% for the first 15 days and 18% if the delay is more than 15 days. March – 21 April – 21 May – 21  
2 Taxpayers having a turnover of less than ₹ 5 crores and paying taxes on a monthly basis 1st day to 15th day   – 0% 16th day to 60th day – 9% 61st day onwards    – 18%   1st day to 15th day   – 0% 16th day to 45th day – 9% 46th day onwards   – 18%   1st day to 15th day   – 0% 16th day to 30th day – 9% 31st day onwards   – 18%   March – 21       April – 21       May – 21  
3 Taxpayers having a turnover of less than ₹ 5 crores and paying taxes on a monthly basis 1st day to 15th day   – 0% 16th day to 60th day – 9% 61st day onwards    – 18%   1st day to 15th day   – 0% 16th day to 45th day – 9% 46th day onwards   – 18%   1st day to 15th day   – 0% 16th day to 30th day – 9% 31st day onwards   – 18%   March – 21       April – 21       May – 21  
4 Taxpayers who have opted for QRMP Scheme 1st day to 15th day   – 0% 16th day to 60th day – 9% 61st day onwards    – 18%   Jan-March 21 Quarter

Notification No. 19/2021 – Central Tax dated 1st June 2021

The late fee for GSTR – 3B has been reduced to taxpayers filing returns due to delays caused by the prevailing lockdowns and encouraging other taxpayers who have not filed returns from July 2017 to April 2021 with riders.

Late relaxation for the current financial year

Sr. No Details/Particulars Late fee waived off   Months
1 Taxpayers having turnover above ₹ 5 crores during the previous financial year If filed within 15 days of the due date March – 21 April – 21 May – 21  
2 Taxpayers having a turnover of less than ₹ 5 crores and paying taxes quarterly If filed within 60 days of the due date   If filed within 45 days of the due date   If filed within 45 days of the due date March – 21     April – 21     May – 21  
3 Taxpayers having a turnover of less than ₹ 5 crores and paying taxes on a quarterly basis If filed within 60 days of the due date   Jan-March 21 Quarter

Late relaxation for the previous periods

 Sr. No Return Filing Period Condition – 1 Condition – 1 Late Fee to be paid per month max
1 July 2017 to April 2021 Nil Filed between 1st June 21 & 31st August ₹ 250*
2 July 2017 to April 2021 If Tax liability is there Filed between 1st June 21 & 31st August ₹ 500*

*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.

Late relaxation for the future periods

The late fee waiver is provided for the future also starting from June 2021 due to the prevailing pandemic and lockdowns

Sr. No Details/Particulars Late Fee Maximum to be paid
1 Nil Tax liability    â‚¹ 250*
2 Taxpayers having turnover up to ₹ 1.50 crores  â‚¹ 1,000*
3 Taxpayers having turnover above ₹ 1.50 crores  â‚¹ 2,500*

*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.

Notification No. 20/2021 – Central Tax dated 1st June 2021

Relaxation has been provided for the delayed filing of GSTR – 1 for small taxpayers from June 2021 onwards. This applies to the taxpayers who are filing GSTR – 1 on a quarterly basis also.

Sr. No Details/Particulars Late Fee Maximum to be paid
1 Nil Tax liability    â‚¹ 250*
2 Taxpayers having turnover up to ₹ 1.50 crores  â‚¹ 1,000*
3 Taxpayers having turnover above ₹ 1.50 crores and below ₹ 5.00 crores   â‚¹ 2,500*

*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.

Notification No. 21/2021 – Central Tax dated 1st June 2021

Relaxation in late fees is also provided for taxpayers registered under the composition scheme.

Sr. No Details/Particulars Late Fee Maximum to be paid
1 Nil Tax liability    â‚¹ 250*
2 Having tax liability to be discharged  â‚¹ 1,000*

*SGST * UT GST Amounts will be in addition to this amount, as this notification is only for the CGST.

Notification No. 22/2021 – Central Tax dated 1st June 2021

Late fee relaxation has been provided to taxpayers registered as Tax Deductors and required to file GSTR – 7. The late has been capped at ₹ 1,000 per month for delay in return filing from June 2021 onwards.

Notification No. 23/2021 – Central Tax dated 1st June 2021

Relaxation is also provided for taxpayers falling under the category as Government Departments and Local bodies from issuing e-invoices.

Notification No. 24/2021 – Central Tax dated 1st June 2021

The time limits for the completion of compliance or any action by the tax authorities or any person which are falling between 15th April 2021 to 29th June 2021 has been extended in the following cases to 30th June 2021

 a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called; or

b) filing any appeal, reply, or application or furnishing any report, document, return, statement, or other records, by whatever name is called.

The above extension is not applicable in the following cases

  1. Related to Time of Supply
  2. If the turnover of the composition taxpayer has crossed the threshold during this period
  3. Section 25 – registration procedure
  4. Section 27 – procedure-related to casual taxable person and the non-resident taxable person
  5. Section 31 – Tax Invoice
  6. Section 37 – provisions related to the filing of returns for outward supplies
  7. Section 47 – provisions related to levy of late fee
  8. Section 50 – provisions related to ley of interest
  9. Section 69 – provisions related to power to arrest errant taxpayers
  10. Section 90 – provisions related to Liability of partners of firm to pay tax
  11. Section 122 – provisions related to penalties for certain offenses
  12. Section 129 – provisions related to detention, seizure and release of goods and conveyance under transit
  13. Section 39 – except for provisions related to sub-section (3), (4) and (5) related to TDS deductors, ISD and not resident taxpayers
  14. Section 68 – provisions related to e-waybill

The time limit for completion of any action by any authority or by any person as per Rule 9 of the CGST Rules related to verification and approval of registration application, falling during the period from 1st May, 2021 to 30th June 2021, shall be extended to 15th  July 2021

Notification No. 25/2021 – Central Tax dated 1st June 2021

The due date for filing of Form GSTR – 4 by composition taxpayer for the year April 2020 to March 2021 has been extended from 31st May 2021 to 31st July 2021.

Notification No. 26/2021 – Central Tax dated 1st June 2021

The due date for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from 1st January 2021 to 31st March 2021, has been extended from 31st May 2021 to 30th June 2021.

This notification is a retrospective one and comes applicable from 31st May 2021.

Notification No. 27/2021 – Central Tax dated 1st June 2021

Taxpayers registered as a company under various provisions of the Companies Act 2013 can file returns using the Electronic Verification Code (EVC) until 31st August 2021.

Due to the ongoing pandemic and disruptions in business on account of lockdowns, relaxation has been provided while availing Input Tax Credit. Matching needs to be done on a monthly basis for the months of April 21, May 21 and June 21. It can be done cumulatively while flinging the GSTR – 3B for the month of June 2021.

Taxpayers who have opted for the Quarterly Returns and Monthly Payment (QRMP) have also been provided some relaxation for filing of Invoice Furnishing Facility (IFF) for the month of May 2021, and now it can be filed by 28th June 2021.

Notification No.1/2021 – Central Tax (Rates) dated 2nd June 2021

Sr. No HSN Code New Rate Old Rate
1 9503 – Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof) [other than electronic toys]   9503 – Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof) [other than electronic toys]   9503 – Electronic Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof) 2.5%         2.5%       2.5%   6%         6%       9%
2 Diethylcarbamazine 2.5% 6%

Notification No.2/2021 – Central Tax (Rates) dated 2nd June 2021

Sr. No HSN Code New Rate Old Rate
1 “(ib) Maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts. 2.5% 9%

Another major benefit is provided is for the landowners; now with this amendment, the landowners can utilize the input tax credit charged by the developer on the sale of apartments if sold before the issue of the occupation certificate.

Notification No.3/2021 – Central Tax (Rates) dated 2nd June 2021

The time of payment of GST by the landowner promoter shall be allowed to pay GST relating to such apartments any time before or at the time of issuance of completion certificate.

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Recommendations of 43rd GST Council meeting

The 43 GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister
Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended
by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance
Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.
The GST Council has made the following recommendations relating to changes in GST rates on
supply of goods and services and changes related to GST law and procedure:
COVID-19 RELIEF
As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical
oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain
diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full
exemption from IGST, even if imported on payment basis, for donating to the government or on
recommendation of state authority to any relief agency. This exemption shall be valid upto
31.08.2021. Hitherto, IGST exemption was applicable only when these goods were imported “free of
cost†for free distribution. The same will also be extended till 31.8.2021. It may be mentioned that
these goods are already exempted from Basic Customs duty. Further in view of rising Black Fungus
cases, the above exemption from IGST has been extended to Amphotericin B.
Further relief in individual item of COVID-19 after Group of Ministers (GoM) submits report on 8 June 2021

As regards individual items, it was decided to constitute a Group of Ministers (GoM) to go into the
need for further relief to COVID-19 related individual items immediately. The GOM shall give its
report by 08.06.2021.

OTHER RELIEFS ON GOODS
To support the LympahticFilarisis (an endemic) elimination programme being conducted in
collaboration with WHO, the GST rate on Diethylcarbamazine (DEC) tablets has been
recommended for reduction to 5% (from 12%).
Certain clarifications/clarificatory amendments have been recommended in relation to GST rates.
Major ones are, –
Leviability of IGST on repair value of goods re-imported after repairs
GST rate of 12% to apply on parts of sprinklers/ drip irrigation systems falling under tariff heading
8424 (nozzle/laterals) to apply even if these goods are sold separately.

SERVICES
To clarify those services supplied to an educational institution including anganwadi(which provide
pre-school education also), by way of serving of food including mid- day meals under any midday
meals scheme, sponsored by Government is exempt from levy of GST irrespective of funding of
such supplies from government grants or corporate donations.
To clarify these services provided by way of examination including entrance examination, where fee
is charged for such examinations, by National Board of Examination (NBE), or similar Central or
StateEducational Boards, and input services relating thereto are exempt from GST.
To make appropriate changes in the relevant notification for an explicit provision to make it clear that
land owner promoters could utilize credit of GST charged to them by developer promoters in respect
of suchapartments that are subsequently sold by the land promotor and on which GST is paid. The
developer promotor shall be allowed to pay GST relating to such apartments any time before
or at the time of issuance of completion certificate.
To extend the same dispensation as provided to MRO units of aviation sector to MRO units of
ships/vessels so as to provide level playing field to domestic shipping MROs vis a vis foreign MROs
and accordingly, –
GST on MRO services in respect of ships/vessels shall be reduced to 5% (from 18%).
PoS of B2B supply of MRO Services in respect of ships/ vessels would be location of recipient of
service
To clarify that supply of service by way of milling of wheat/paddy into flour (fortified with
minerals etc. by millers or otherwise )/rice to Government/ local authority etc.for distribution of
such flour or rice under PDS is exempt from GST if the value of goods in such composite
supply does not exceed 25%. Otherwise, such services would attract GST at the rate of 5% if
supplied to any person registered in GST, including a person registered for payment of TDS.
To clarify that GST is payable on annuity payments received as deferred payment for
construction of road. Benefit of the exemption is for such annuities which are paid for the service
by way of access to a road or a bridge.

To clarify those services supplied to a Government Entity by way of construction of a rope-way
attract GST at the rate of 18%.
To clarify that services supplied by Govt. to its undertaking/PSU by way of guaranteeing loans taken
by such entity from banks and financial institutions is exempt from GST.

MEASURES FOR TRADE FACILITATION:

  1. Amnesty Scheme to provide relief to taxpayers regarding late fee for pending
    returns:

    To provide relief to the taxpayers, late fee for non-furnishing FORM GSTR-3B for the
    tax periods from July, 2017 to April, 2021 has been reduced / waived as under: –
    i. late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for
    taxpayers, who did not have any tax liability for the said tax periods;
    ii. late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return
    for other taxpayers;
    The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are
    furnished between 01.06.2021 to 31.08.2021.

2. Rationalization of late fee imposed under section 47 of the CGST Act:

To reduce burden of late fee on smaller taxpayers, the upper cap of late fee is being
rationalized to align late fee with tax liability/ turnover of the taxpayers, as follows

A. The late fee for delay in furnishing of FORM GSTR-3B and FORM GSTR-1 to be
capped, per return, as below:

(i) For taxpayers having nil tax liability in GSTR-3B or nil outward supplies
in GSTR-1, the late fee to be capped at Rs 500 (Rs 250 CGST + Rs 250 SGST)
(ii) For other taxpayers:
a. For taxpayers having Annual Aggregate Turnover (AATO) in
preceding year upto Rs 1.5 crore, late fee to be capped to a maximum
of Rs 2000 (1000 CGST+1000 SGST);
b. For taxpayers having AATO in preceding year between Rs 1.5 crore
to Rs 5 crore, late fee to be capped to a maximum of Rs 5000 (2500
CGST+2500 SGST);
c. For taxpayers having AATO in preceding year above Rs 5 crores, late
fee to be capped to a maximum of Rs 10000 (5000 CGST+5000
SGST).

B. The late fee for delay in furnishing of FORM GSTR-4 by composition taxpayers to
be capped to Rs 500 (Rs 250 CGST + Rs 250 SGST) per return, if tax liability is nil in
the return, and Rs 2000 (Rs 1000 CGST + Rs 1000 SGST) per return for others.

C. Late fee payable for delayed furnishing of FORM GSTR-7 to be reduced to Rs.50/-
per day (Rs. 25 CGST + Rs 25 SGST) and to be capped to a maximum of Rs 2000/-
(Rs. 1,000 CGST + Rs 1,000 SGST) per return.

All the above proposals to be made applicable for prospective tax periods.

3. COVID-19 related relief measures for taxpayers:

In addition to the relief measures already provided to the taxpayers vide the
notifications issued on 01.05.2021, the following further relaxations are being
provided to the taxpayers:

A. For small taxpayers (aggregate turnover upto Rs. 5 crore)

a. March & April 2021 tax periods:
i. NIL rate of interest for first 15 days from the due date of furnishing the return in FORM
GSTR-3B or filing of PMT-06 Challan, reduced rate of 9% thereafter for further 45 days and
30 days for March,2021 and April, 2021 respectively.
ii. Waiver of late fee for delay in furnishing return in FORM GSTR-3B for the tax periods
March / QE March, 2021 and April 2021 for 60 days and 45 days respectively, from the due
date of furnishing FORM GSTR-3B.
iii. NIL rate of interest for first 15 days from the due date of furnishing the statement in CMP-08
by composition dealers for QE March 2021, and reduced rate of 9% thereafter for further 45
days.

b. For May 2021 tax period:
i. NIL rate of interest for first 15 days from the due date of furnishing the return in FORM
GSTR-3B or filing of PMT-06 Challan, and reduced rate of 9% thereafter for further 15 days.
ii. Waiver of late fee for delay in furnishing returns in FORM GSTR-3B for taxpayers filing
monthly returns for 30 days from the due date of furnishing FORM GSTR-3B

B. For large taxpayers (aggregate turnover more than Rs. 5 crore)

A lower rate of interest @ 9% for first 15 days after the due date of filing return in FORM
GSTR-3B for the tax period May, 2021.
ii. Waiver of late fee for delay in furnishing returns in FORM GSTR-3B for the tax period May,
2021 for 15 days from the due date of furnishing FORM GSTR-3B.

C. Certain other COVID-19 related relaxations to be provided, such as

  1. Extension of due date of filing GSTR-1/ IFF for the month of May 2021
    by 15 days.
  2. Extension of due date of filing GSTR-4 for FY 2020-21 to 31.07.2021.
  3. Extension of due date of filing ITC-04 for QE March 2021 to 30.06.2021.
  4. Cumulative application of rule 36(4) for availing ITC for tax periods
    April, May and June, 2021 in the return for the period June, 2021.
  5. Allowing filing of returns by companies using Electronic Verification Code
    (EVC), instead of Digital Signature Certificate (DSC) till 31.08.2021.

D. Relaxations under section 168A of the CGST Act: Time limit for completion of
various actions, by any authority or by any person, under the GST Act, which falls
during the period from 15 April, 2021 to 29 June, 2021, to be extended upto 30
June, 2021, subject to some exceptions.
[Wherever the timelines for actions have been extended by the Hon’ble Supreme
Court, the same would apply]

4. Simplification of Annual Return for Financial Year 2020-21:

i. Amendments in section 35 and 44 of CGST Act made through Finance Act, 2021 to be
notified. This would ease the compliance requirement in furnishing reconciliation statement
in FORM GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement,
instead of getting it certified by chartered accountants. This change will apply for Annual
Return for FY 2020-21.
ii. The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for
taxpayers having aggregate annual turnover upto Rs 2 Crore;
iii. The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be
filed by taxpayers with annual aggregate turnover above Rs 5 Crore.

  1. Retrospective amendment in section 50 of the CGST Act with effect from 01.07.2017,
    providing for payment of interest on net cash basis, to be notified at the earliest.

OTHER MEASURES
i. GST Council recommended amendments in certain provisions of the Act so as to make the
present system of GSTR-1/3B return filing as the default return filing system in GST.

Note: The recommendations of the GST Council have been presented in this release in simple
language for information of all stakeholders. The same would be given effect through relevant
Circulars/Notifications which alone shall have the force of la

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5 Tips to Increase your Home Loan Eligibility (with Bonus Tip)

If you are planning to buy a home, it’s important for you to analyze how much funds you would be putting from your own pocket and how much loan would you be taking from a bank. There is a maximum limit on how much a bank can lend you for buying the property and it varies on a case-to-case basis.

Your home loan eligibility depends on a couple of factors and this article talks about the 5 most important tips to increase your home loan eligibility.

  1. Improve your CIBIL Score

The CIBIL Score is a score which basically indicates your Credit History as to how likely it is that you repay your debts on time. If this score is high i.e., more than 750 – it indicates that you have a very good credit history and are likely to pay off your loans on time.

However, if this score is low – then that means that there is a high probability that you may not be able to repay your loans. From the banks, the safety of money is equally important as the interest rates and therefore they are not very keen on giving higher loans to people with low CIVIL Score.

Therefore, it is advisable for every person to keep a high credit score. The credit score can be increased by doing the following

  • Always pay your Credit Card bills and EMI’s on or before the due date and in full.
  • Don’t apply for too many credit products at once as each application leads to a new credit score check which reduces your score.
  • Try to keep a low Credit Utilization Ratio of around 20-30% of your credit card spending limit.

2. Opt for Longer Tenure Home Loans

One of the major factors which determine your EMI payable is the duration of your home loan . The longer the duration, the lower would be the EMI payable. And the lower the EMI payable, the easier it would be for you to repay the loan.

The easier it is for you to repay the loan, the higher is the probability of the lender recovering the EMI due. Therefore, try to opt for longer duration home loans if you wish to increase your home loan eligibility.

3. Take Joint Home Loans

One of the best ways to improve your Credit Score is to apply for a Joint Home Loan preferably with a family member like Spouse, Son or Parents. In case of a joint home loan, the lenders consider the income of the other co-applicant as well which substantially increases your home loan eligibility. You can click here to read more about the documents required while applying for Home Loan: Home Loan Eligibility

4. Repay your existing Loans with Smaller Durations

Home Loans are loans with bigger durations of say 10/20 years. However, there are some loans like Vehicle Loan, Personal Loan etc. which are of 2/3 years. Try paying off such smaller durations loans before applying for a Home Loan as repaying this will increase your monthly net savings and will thereby lead to increase in your home loan eligibility.

5. Additional Sources of Income

If you have additional sources of income like Rent or Business – then that can also help you increase your home loan eligibility. Lenders do check your monthly cash flows before sanctioning your home loan and therefore the higher the monthly cash flows – the better it is.

Bonus Tip: Banks cannot sanction a home loan of an amount greater than your purchase price. And they will verify the purchase price through your purchase documents. Therefore, ensure that your purchase price is mentioned in the agreement and stamp duty is also paid on the same at the time of property registration. It has been observed in several cases that the purchase price is not mentioned in the Agreement and Stamp Duty not paid on the same which leads to lower home loan being sanctioned.

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Higher TDS and TCS rates for non-filers of Income Tax Return

Higher TDS and TCS rates for Non-filers of Income Tax Return

The Finance Bill, 2021, presented on 1st February 2021, has received presidential assent on 28th March 2021. Notably, the Finance Act, 2021 introduced/ inserted the following two new sections into the Income Tax Act-

  1. Section 206AB; and
  2. Section 206CCA.

Section 206AB covers the provisions of higher deduction of TDS , whereas, section 206CCA covers the provisions of higher collection of TCS in case of non-filers of an income tax return. The provisions of both sections are briefly explained in the present article.

Meaning of the term ‘specified person’-

In order to understand the provisions of both the sections i.e., section 206AB and section 206CCA, it is important to understand the meaning of the term ‘specified person’. It is important to note here that ‘specified person’ has the same meaning under both sections.

As per the term ‘specified person’, it means a person who satisfies all the below criteria-

Criteria 1 The person has not furnished income-tax return for two previous years immediately before the previous year in which TDS or TCS is required to be deducted or collected.
Criteria 2 The time limit for filing the income-tax return under section 139(1) is already expired.
Criteria 3 The total deduction of tax (TDS) and collection of tax (TCS) is INR 50,000 or more in each of the previous years.

The definition of the term ‘specified person’ doesn’t include within its ambit a non-resident person who is not having a permanent establishment in India. Accordingly, a non-resident having a permanent establishment is included within the term ‘specified person.

Higher deduction of TDS for non-filers of income tax return (section 206AB)-

Applicability of section 206AB-

The deductor will be liable to deduct tax at source (TDS) under section 206AB when-

  • Deductor is already liable to deduct the TDS of the deductee under any provisions of the Income Tax Act; and
  • The deductee is a ‘specified person’ (as per the definition explained above).

Rate of deduction of TDS under section 206AB-

In case of applicability of provisions of section 206AB, the deductor will be deducting TDS at higher of the following three rates-

  • Twice the rate as specified under the relevant provisions of the Income Tax Act; or
  • Twice the rate or rates as in force; or
  • Rate of 5%.

Exemption available under section 206AB-

The following sections of TDS covered under the Income Tax Act are exempted from the provisions of section 206AB-

  • Section 192 – Tax deduction on salary;
  • Section 192A – Tax deduction on premature withdrawal from employee’s provident fund;
  • Section 194B – Tax deduction on winnings from crossword or puzzle or card game or lottery or any other game;
  • Section 194BB – Tax deduction on winning from horse race;
  • Section 194LBC – Tax deduction on income from the investment in a securitization trust;
  • Section 194N – Tax deduction on specified cash withdrawal.

Higher deduction of TCS for non-filers of income tax return (section 206CCA)-

As and when the collectee satisfies the criteria of a specified person, the collector would be liable to collect TCS as per provisions of section 206CCA.

Here, the collector will have to collect TCS at higher of the following two prescribed rates-

  • At twice the rate as prescribed under the provisions of the Income Tax Act; or
  • At the rate of 5%.

The effective date of provisions of section 206AB and section 206CCA-

It is important to note that both the sections i.e., section 206AB and section 206CCA will be effective from 1st July 2021.

Applicability of multiple sections to specified person-

In case the deductee fails to furnish Permanent Account Number (i.e., PAN), then, the deductor is liable to deduct TDS at higher rates as prescribed under section 206AA.

The specified person may fail to furnish both PAN as well as filing an income tax return. In such a case, provisions of both the section i.e. 206AA and section 206AB get attracted. Here, the deductor will be liable to deduct TDS at the higher of the two rates prescribed under section 206AA and section 206AB.

Similarly, in case the collectee fails to furnish PAN, the collector is liable to collect higher TCS as per the rates prescribed under section 206CC. Accordingly, in case both the section 206CC and 206CCA gets applicable, then, the collector will be liable to collect TCS at the rates higher of the two as prescribed under section 206CC and 206CCA.

Purpose of insertion of section 206AB and section 206CCA-

As seen above, both sections impose higher TDS and TCS against non-filers of an income tax return. Lining up the same, the main purpose behind the insertion of both the section is only to boost a large number of persons towards filing of their income tax return on regular basis.

Synopsis-

Particulars Section 206AB Section 206CCA
Effective date 1st July 2021 1st July 2021
Applicability Deductee fails to furnish income tax return of specified period. Collectee fails to furnish income tax return of specified period.
Rate of deduction/ collection of tax

Higher of the following-

·   5%; or

·   Twice the rate/ rates in force; or

·   Twice the prescribed rate.

Higher of the following-

·  Twice the prescribed rate; or

·  5%.

Exemption Provision doesn’t apply to TDS deductible under section 192, section 192A, section 194B, section 194BB, section 194LBC and section 194N. There is no exemption available under section 206CCA.

 

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Covid Relief and Upliftment Scheme (CORUS)

Covid Relief and Upliftment Scheme (CORUS)

The  Government of Tamil Nadu has launched CORUS – Covid Relief and Upliftment Scheme to provide financial assistance to MSME units to face the prevailing challenge against Covid 19. The task of administering and implementing this loan scheme  is entrusted with the Tamil Nadu Industrial Investment Corporation Limited (TIIC). TIIC has formulated this special package to ease the fund flow to meet emergent fund requirements for expenses related to capital expenditure and working capital needs. The current article briefs the Covid Relief and Upliftment Scheme.

Objective of CORUS

The key objective of the Covid Relief and Upliftment Scheme is to meet out the liquidity crisis due to Covid 19 pandemic.

Purpose of CORUS

The government of Tamil Nadu has launched this scheme to meet the Capital expenses and the Working Capital needs of MSME sectors.

Eligibility Criteria

The eligibility criteria to avail the benefits of Covid Relief and Upliftment Scheme are as follows;

  • At the time of sanction: The unit must be in the Standard category as of 01.03.2020 (with or without overdue).
  • At the time of disbursement: There shall not be any overdue even after incorporating 3 monthly moratorium
  • MSME sectors, engaged in manufacturing, processing, and preservation activity are eligible for a corporate loan scheme.
  • The existing services sectors are eligible for Corporate loan scheme
  • The unit should be in existence and operation for the past three financial years to apply for a Corporate loan scheme
  • The government provides a loan under a corporate loan scheme for units that earned a net profit for the last three financial years.
  • To obtain a corporate loan, the net worth of the units should be positive and no cumulative losses
  • The units should continuously be in the standard assets category of TIIC /Banks for the last three financial years.

Quantum of Loan

The minimum quantum of assistance under the Covid Relief and Upliftment Scheme will be Rs.2 lakhs, and the maximum quantum of assistance will be Rs.25 lakhs per unit.

Rate of Interest

The rate of interest provided under the Covid Relief and Upliftment Scheme is as follows:

  • Prime Lending Rate – 11.95% (PLR)
  • Micro and Small Enterprises with 6% eligible Interest Subvention: Effective Return on investment (ROI): 5.95%
  • Medium Enterprises with 3% eligible Interest Subvention: Effective Return on investment (ROI): 8.95%

Repayment Period

The maximum repayment period is three years including a moratorium of 6 months for principal repayment, and the repayment will be in equal monthly installments.

Collateral Security

No additional collateral will be obtained and the charges on existing primary & collateral security shall be extended.

Promoter’s Contribution

The promoter’s contribution will be NIL subject to the overall debt-equity ratio including the proposed quantum of limit for the unit.

Application Process Fee

The applicant no needs to pay a fee for processing the application under the Covid Relief and Upliftment Scheme. For more details, access the Tamil Nadu Industrial Investment Corporation Limited (TIIC)

Documents Required

Documents required for applying the Covid Relief and Upliftment Scheme is explained in detail below:

  • Audited Balance Sheet
  • Trading and Profit Loss account of the Applicant
  • Associate concern for the last three years
  • Bio-data of Promoter, Director, Guarantors as per prescribed format
  • Details regarding the assets of the existing unit viz. Building, Land, and Machinery
  • Copy of Collateral documents with supporting records
  • IT Returns for the promoters, Company for the last three years
  • Copy of work orders
  • Copy of Contract Agreements
  • Copy of Registration Certificates
  • Other relevant documents

Covid Relief and Upliftment Scheme – Application Procedure

The application procedure for Covid Relief and Upliftment Scheme is explained in step-step by procedure here:

  • The applicant needs to apply in the prescribed application form for Covid Relief and Upliftment Scheme.
  • The application form for Covid Relief and Upliftment Scheme can be obtained from the Head Office or Branch Offices of the Corporation, or the applicant can also download this scheme application from the official website of TTIC. From the main page select the option CORUS under the event section.

 

Covid Relief and Upliftment Scheme - TIIC
Covid Relief and Upliftment Scheme – TIIC
  • The application form can be obtained By clicking on the download option under the scheme.
Covid Relief and Upliftment Scheme - TIIC application
Covid Relief and Upliftment Scheme – TIIC application
  • We have herewith enclosed the application form for CORUS

TIIC-CORUS-Application-form

  • Fill the application form with the following details and submit it to the Head Office or Branch Office of Tamil Nadu Industrial Investment Corporation Limited.
  • Note: Scanned copy of Application to be submitted in Typed or written form with signature shall be submitted through e-mail during lockdown period
    • Name of the Unit
    • Address
    • Size of the Unit
    • Constitution
    • Amount of Loan Applied
    • Type of Industry and Product
    • Details of all promoters
    • Details of work orders
  • The concerned authority will scrutinize the CORUS application. The committee will be examined the application for a loan and recommend the concerned authority for loan sanction.

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MCA Relaxes Levy of Additional Fee in the Filing of Certain Forms under Companies Act

MCA Relaxes Levy of Additional Fee in the Filing of Certain Forms under Companies Act

In view of Covid-19 related restriction and disruption, the Ministry of Corporate Affairs has decided to grant additional time Upto 31st July 2021 for companies, LLPs to file certain forms without any additional fee. MCA via a circular dated 3rd May 2021 announced that no additional fee shall be levied upto July 31, 2021, for the delayed filing of forms which were due during the period Apr 01, 2021, to May 31, 2021. The current article briefs the extension so provided.

Know more about MCA Relaxation of Time to File Forms for Creation or Modification of Charge

Synopsis of Notification

  • MCA relaxes levy of additional fees for delay in filing certain Forms under the Companies Act, 2013 and LLP Act, 2008  by Companies and LLP till 31st July 2021
  • Companies /LLPs can file any form (except the forms CHG-1, CHG-4, and CHG-9) which were or would be due for filing from 1st April 2021 to 31st May 2021, upto 31st July 2021 without any additional fees.

List of Forms where additional fees have been waived off 

The list of forms where additional fees have been waived off is tabulated below:

S No. Form  Form Description
1. Form CHG-1 Application for registration of creation, modification of charge (other than those related to debentures)
2. Form CHG-9 Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures
3. Form ADT-1 Information to the Registrar by the company for appointment of auditor
4. Form INC-22 Notice of Situation or Change of situation of Registered Office of the Company
5. Form NDH-3 Return of Nidhi Company for the half-year ended
6. Form FC-4 Annual Return of a Foreign Company
7. Form MSC-3 Return of dormant companies
8. Form INC-27 Conversion of public company into a private company or private company into a public company
9. Form NDH-2 Application for extension of time
10. Form IEPF-3 Statement of shares and unclaimed or unpaid dividend not transferred to the Investor Education and Protection Fund

The relaxation concerning waiver off additional fees has been provided for the above-referred forms which are due for filing during a specific period of time only; therefore the clarification (list of forms) has to be referred along with its respective circular issued on 3rd May 2021.

Special Note: Remaining forms having due date between 01.04.2021 to 31.05.2021 shall not be allowed benefit of waiver of additional fees upto 31.07.2021.

List of Forms Excluded under the Relaxation

The forms which are not eligible for the above-referred relaxation are as follows:

  • Form CHG-1 – Application for registration of creation, modification of charge (other than those related to debentures)
  • Form CHG-4 – Form for filing particulars for the satisfaction of charge thereof
  • Form CHG-9 – Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures
  • Top of Form

Important Announcement for Stakeholders

MCA also informed that if any form which has been due for filing before 01st April 2021, is being filed now, then the same would continue to attract additional fees on account of delay in filing, as the relaxation is a grant for filing of forms which are due for filing during 01st April 2021 to 31st May 2021.

Further, it has been informed that the changes as required in the MCA-21 System to implement the aforesaid decision are being made and stakeholders would be informed in this regard in due course through a similar notice.

The official notification pertaining to the MCA Relaxes Levy of additional Fee in the Filing of Certain Forms under Companies Act is attached here for reference:

GeneralCircularNo6_03052021

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COVID-19 Relief under GST Law

COVID-19 Relief under GST Law

Because of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under GST law due to the outbreak of the second wave of COVID-19 , The Central Board of Indirect Taxes and Customs (CBIC), vide various notification published on 1st May 2021, notified multiple reliefs under GST laws.

The Government has announced various reliefs for taxpayers in the form of extension of the due date of GSTR-1 , GSTR-4 & ITC-04 , waiver of late fees for GSTR-3B , relaxation in the interest rate on delay in filing GSTR-3B, extension in a time limit of various actions under GST. The current article briefs the COVID-19 Relief under GST Law

Synopsis of Notifications

The various relief announcements under the GST Law on account of the second wave of COVID-19 outbreak are as follows:

  • The Government has extended the due dates of filing details of outward supplies under FORM GSTR-1 and IFF for April by 15 days.
  • The due date of filing of Annual Return by composition dealers under FORM GSTR-4 for FY 2020-21 has been extended from 30th April 2021 to 31st May 2021.
  • The due date of filing of a declaration of movement of goods to or from job worker under FORM ITC-04 for Jan-March, 2021 quarter has been extended from 25th April 2021 to 31st May 2021.
  • The due dates for GSTR-5, GSTR-6, GSTR-7 & GSTR-8, and other GST compliances are also extended.
  • Concessional rates of interest instead of the normal rate of interest of 18% per annum for delayed tax payments have been prescribed in the following cases
    • For registered persons having aggregate turnover above Rs. 5 Crore
    • For registered persons having aggregate turnover upto Rs. 5 Crore
    • For registered persons who have opted to pay tax under the composition scheme
  • For registered persons having aggregate turnover above Rs. 5 Crore, a Late fee waived for 15 days in respect of returns in FORM GSTR-3B furnished beyond the due date
  • For registered persons having aggregate turnover upto Rs. 5 Crore: Late fee waived for 30 days in respect of the returns in FORM GSTR-3B furnished beyond the due date

Extension of due dates for filing GST return in Form GSTR-1

Vide notification no. 12/2021 – Central Tax dated 1st May, the due date for filing GST returns in Form GSTR-1for the tax period of April  2021 has been notified. The same is tabulated hereunder

Sl.No. Return Type To be filed by Tax period Due Date Due Date Extended till
1 Form GSTR-1 (Monthly) Normal Taxpayer filing Monthly returns April 2021 11.05.2021 26.05.2021
2 Form IFF Normal Taxpayers under QRMP Scheme April 2021 13.05.2021 28.05.2021

Extension of due dates for Filing of Returns by Composition, NRTP, ISD, TDS & TCS Taxpayers

The Government has also extended the due date of furnishing of Returns by Composition, NRTP, ISD, TDS & TCS Taxpayers to 31st May 2021.

Sl.No. Return Type To be filed by Tax period Due Date Due Date Extended till
1 GSTR-4 Composition Taxpayers (Annual Return) FY 2020-21 30th April 2021 31st May 2021
2 GSTR-5 Non-Resident Taxpayers (NRTP) March/ April 2021 20th April/ May 2021 31st May 2021
3 GSTR-6 Input Service Distributors (ISD) April 2021 13th May 2021 31st May 2021
4 GSTR-7 Tax Deductor at Source (TDS deductor) 10th May 2021 31st May 2021
5 GSTR-8 Tax Collectors at Source (TCS collectors) 10th May 2021 31st May 2021

Due Date Extension for Filing of Form ITC-04

The due date for filing Form GST ITC-04 for the Jan-March, 2021 quarter has been extended from 25th April 2021 to 31st May 2021. The Form ITC-04 is to be filed by the Principal/Manufacturer for goods sent/received/supplied from Job Worker.

Click here for official notification pertaining to COVID-19 Relief under GST Law

Reduction in Interest Rate and Waiver of Late fees

Filing of Form GSTR-3B

The Government has provided relief by way of reduction in the interest rate and waiver of late fees for delay in filing of GSTR-3B for the period March and April 2021. The relief of reduction of the rate of interest and waiver of late fees is summarized as under:

For registered persons having aggregate turnover above Rs. 5 Crore:

Late fee waived for 15 days in respect of returns in FORM GSTR-3B furnished beyond the due date for tax periods March 2021 and April 2021, due in April 2021 and May 2021 respectively

For registered persons having aggregate turnover Upto Rs. 5 Crore:

Late fee waived for 30 days in respect of the returns in FORM GSTR-3B furnished beyond the due date for tax periods March 2021 and April 2021 (for taxpayers filing monthly returns) due in April 2021 and May 2021 respectively / and for period Jan-March, 2021 (for taxpayers filing quarterly returns under QRMP scheme) due in April 2021

Filing of Form CMP-08

The Government has provided relaxation of interest on late filing of Form CMP-08 for a statement of Quarterly Payment of Tax for the last quarter of FY 2020-21. The relaxation provided is summarized as under:

Particulars  Quarter

Due date

 

Relaxation in Interest6
Form CMP-08 for a statement of Quarterly Payment of Tax Jan-Mar-21 18-Apr-21 Till 3-May-21 Nil
4-May-21 to 18-May-21 9%
After 18-May21 18%

Relaxation in availing of Input Tax Credit

As per Rule 36(4) of the CGST Rules, 2017, a person can take ITC claim in respect of invoices that are not uploaded by vendors in their Form GSTR 1 or through Invoice Furnishing Facility (‘IFF’) maximum of up to 5% of the invoices furnished by the vendors in their Form GSTR 1/ through IFF Facility i.e. only 105% of only invoices coming in GSTR-2A. Now, this condition has been relaxed for April and relaxation has been given in respect to April’s month. The condition of Rule 36(4) would apply cumulatively in May 2021 for both April and May 2021.

Other reliefs provided under GST

The Government has provided several other reliefs:

  • The filing of GSTR-3B and GSTR-1/ IFF by companies using electronic verification code has been enabled for the period from 27.04.2021 to 31.05.2021. The requirement of filing these returns through Digital Signature (DSC) is waived off.
  • The Time limit for completion of various actions such as completion of any proceedings, filing of appeal/reply/application, etc. by any authority or by any person, under the GST Law, which falls during the period from 15th April 2021 to 30th May 2021, has been extended up to 31st May 2021.

The Press Release issued by the Central Board of Indirect Taxes & Customs on 2nd May 2021 is attached here for reference:

COVID-relief-under-GST

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