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:
|Gist of notifications
|Provision for liability of interest has been amended to provide that interest would be applicable only on “net payment liability” from 1st July’2017.
|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.
Central Tax (Reduction/waiver of rate of interest)
Central Tax (Waiver of late fee)
|19/2021, 20/2021, 21/2021, 22/2021-
|Permanent waiver/reduction of late fees for GSTR-1/GSTR-3B/GSTR-4/GSTR-7:
|Government department and local authority exempted from the requirement of e-invoicing.
|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.
|Due date for furnishing of GSTR-4 for FY 2020-21 is extended to 31st July’2021.
|Due date for furnishing of ITC-04 for quarter ended Mar’21 extended to 31st July’2021.
|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:
PDF version is attached : https://www.dpncindia.com/blog/wp-content/uploads/2021/06/Gist-of-Notifications-dated-1st-June-2021.pdf
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.