Gist of Notifications dated 1st June, 2021

Posted on June 3, 2021

In exercise of powers conferred by various provisions of CGST Act 2017, CBIC issued various Notifications on 1st June, Gist of notifications are as follows:

 

Notification No. Gist of notifications
16/2021-

Central Tax

 Provision for liability of interest has been amended to provide that interest would be applicable only on “net payment liability” from 1st July’2017.
17/2021-

Central Tax

 Time limit for furnishing the details of outward supplies in GSTR-1 for the registered persons required to furnish returns for the tax period April 2021 and May 2021 has been extended to 26th May’2021 and 26th June’2021 respectively.
18/2021-

Central Tax (Reduction/waiver of rate of interest)

 
S.No. Particulars Interest rate Tax Period
1. Aggregate turnover of more than rupees 5 crores in the preceding financial year 9% for the first 15 days from the due date and 18% thereafter Mar’21, Apr’21 &

May’21
2. Aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish monthly GSTR-3B Nil for the first 15 days from the due date, 9% for the next 45 days, and 18% thereafter Mar’21
Nil for the first 15 days from the due date, 9% for the next 30 days, and 18% thereafter Apr’21
Nil for the first 15 days from the due date, 9% for the next 15 days, and 18% thereafter May’21
3. Aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish quarterly GSTR-3B (i.e., QRMP scheme) Nil for the first 15 days from the due date, 9% for the next 45 days, and 18% thereafter Mar’21

 

 

 

 

 
Nil for the first 15 days from the due date, 9% for the next 30 days, and 18% thereafter Apr’21
Nil for the first 15 days from the due date, 9% for the next 15 days, and 18% thereafter May’21
4. Taxpayers who are liable to furnish the return CMP-08 Nil for the first 15 days from the due date, 9% for the next 45 days, and 18% thereafter Qtr ending Mar’21
19/2021-

Central Tax (Waiver of late fee)
S.No. Class of registered person Tax Period Period for which late waived
1. Aggregate turnover of

more than rupees 5 crores in the preceding

financial year

 Mar’21, Apr’21 & May’21 15 days from the due date of furnishing return
2. Aggregate turnover of up

to rupees 5 crores in the preceding financial

year who are liable to furnish monthly GSTR-3B

 Mar’21 60 days from the due

date of furnishing return
Apr’21 45 days from the due date of furnishing return
May’21 30 days from the due date of furnishing return
3. Aggregate turnover of up

to rupees 5 crores in the preceding financial

year who are liable to furnish quarterly GSTR-3B (i.e., QRMP scheme)

 Jan-Mar’21 60 days from the due date of furnishing return
19/2021, 20/2021, 21/2021, 22/2021-

Central Tax

 

 Permanent waiver/reduction of late fees for GSTR-1/GSTR-3B/GSTR-4/GSTR-7:

S.No. Class of registered person Maximum late fees
1. Tax payable in GSTR-3B is NIL or NIL outward supplies, irrespective of turnover

Or
Nil tax payable in GSTR-4

 Rs. 500
(GSTR-1, GSTR-3B, GSTR-4)
2. Aggregate turnover of up to rupees 1.5 crores in the preceding financial year

Or

Any tax liability in GSTR-4

 Rs.2000

(GSTR-1, GSTR-3B, GSTR-4)
3. Aggregate turnover of more than rupees 1.5 crores and up to rupees 5 crores in the preceding financial year Rs.5000

(GSTR-1 & GSTR-3B)
4. GSTR-7 Rs.50 per day subject to maximum of Rs. 2000
23/2021-

Central Tax

 Government department and local authority exempted from the requirement of e-invoicing.
24/2021-

Central Tax

 Time limit to comply for any action i.e., any compliance, application, appeal, order, etc. originally falling due between 15th April to 29th June by any authority or any registered person is extended to 30th June’2021.
25/2021-

Central Tax

 Due date for furnishing of GSTR-4 for FY 2020-21 is extended to 31st July’2021.
26/2021-

Central Tax

 Due date for furnishing of ITC-04 for quarter ended Mar’21 extended to 31st July’2021.
27/2021-

Central Tax

 Compliance with Rule 36(4) i.e., GSTR-2A reconciliation can be undertaken cumulatively for Apr to Jun’21 for giving effect in Jun’21 return.

Invoice furnishing facility for the month of May’21 would be available from 1st day of June, 2021 till the 28th day of June’2021.


For more details, please read the notifications from the link below:

https://www.cbic.gov.in/htdocs-cbec/gst/central-tax-notfns-2017

  PDF version is attached  : https://www.dpncindia.com/blog/wp-content/uploads/2021/06/Gist-of-Notifications-dated-1st-June-2021.pdf

DISCLAIMER:

This document has been prepared in summary form by Dewan P. N. Chopra & Co. based on the notifications issued by CBIC as indicated above. For further details, please refer the relevant notification as per link given above. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of such information. Reader should conduct and rely upon their own examination, investigation and analysis and are advised to seek their own professional advice. The information and data contained herein is not a substitute for the recipient’s independent evaluation and analysis. This document is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies on it.

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