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Notifications implmenting 43rd GST Council Meeting decisions

Various notifications have been issued by the CBIC today to give effect to the recommendations of the 43rd GST Council meeting. Synopsis of the same is as follows:

  • Notification No. 16/2021 – Central Tax: Dated 01/06/2021: Section 112 of the Finance Act providing for retrospective amendment in Section 50 of the CGST Act related to levy of interest has been notified w.e.f. 01.06.2021.
  • Notification No. 17/2021 – Central Tax: Dated 01/06/2021: The due date for furnishing details of outward supplies in Form GSTR-1 for the month of May-2021 has been extended from 11th June, 2021 to 26th June, 2021.
  • Notification No. 18/2021 – Central Tax Dated 01/06/2021,
  • Notification No. 02/2021-Integrated Tax Dated 01/06/2021
  • Notification No. 02/2021-Union Territory Tax Dated 01/06/2021: Seeks to provide relief by lowering of interest rate for late filing of monthly/quarterly returns in Form GSTR-3B or PMT-06 challans as well as for late filing of statement in Form CMP-08 by the composition tax payers.
  • Notification No. 19/2021 – Central Tax: Dated 01/06/2021: Seeks to provide relief by waiving late fees for filing of Form GSTR-3B for the months of March, April & May 2021

Amnesty Scheme has been provided to taxpayers for non-furnishing of returns in FORM GSTR-3B for the tax periods from July, 2017 to April, 2021. Late fees have been capped to Rs 500 per return in case of taxpayers having NIL tax liability while in case of others, it has been capped to Rs 1000 per return. Said benefit is available only if the returns are furnished between 01.06.2021 to 31.08.2021.

Source Taxguru

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