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COMPILATION & SUMMARY OF EXTENSIONS IN GST, INCOME TAX & ROC

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COMPILATION & SUMMARY OF EXTENSIONS IN GST, INCOME TAX & ROC
By: Vivek Jalan
May 10, 2021
All Articles by: Vivek Jalan       View Profile
  • Contents

RELAXATION ANNOUNCED BY CBIC IN GST ON 1ST MAY 2021:

SL. NO.

Description

Form

Waiver Up Interest Rate & Late Fee

Notification No.

Concerned Reporting Period

1

Input Tax Credit

TC Comments: Since the relaxation is only for 1 month, it is advised to not go for this relaxation if possible.

NA

Rule 36(4) shall not applicable for April 2021 Return

Notification No. 13/2021 CGST

April 2021

2

Taxpayers having aggregate turnover of More Than ₹ 5 Crores in the preceding FY

TC Comments: The relaxation would not be too beneficial. However incase of any mistake in reporting in 3B, the notification will come in handy

GSTR-3B

9% Interest for the first 15 days from the due date and 18% thereafter

No late fees shall be charged upto 15 days from the due date of furnishing return

Notification No. 08/2021 CGST for INTEREST WAIVER

Notification No. 09/2021 CGST for LATE FEE WAIVER

March and April 2021

3

Taxpayers having an aggregate turnover of upto ₹ 5 Crores in the preceding financial year who are liable to furnish the return

GSTR-3B

NIL for the first 15 days from the due date, 9% interest for the next 15 days and 18% thereafter

No late fees shall be charged upto 30 days from the due date of furnishing return

Notification No. 08/2021 CGST for INTEREST WAIVER

Notification No. 09/2021 CGST for LATE FEE WAIVER

March and April 2021

4

Taxpayers having an aggregate turnover of upto ₹ 5 Crores in the preceding financial year who are liable to furnish the return quarterly

GSTR-3B (Quarterly)

No late fees shall be charged upto 30 days from the due date of furnishing return

Notification No. 09/2021 CGST for LATE FEE WAIVER

Jan-Mar 2021

5

Job Work Services

TC Comments: The relaxation is too less. It should have  been more as there is no revenue impact.

ITC-04

Due Date extended from 25th April 2021 to 31st May 2021

Notification No. 11/2021 CGST

Jan-Mar 2021

6

All Monthly Taxpayers

TC Comments: This is a welcome relaxation.

GSTR-1

Due Date extended from 11th May 2021 to 26th May 2021

Notification No. 12/2021 CGST

April 2021

7

Taxpayers who opted for IFF

TC Comments: This is a welcome relaxation.

GSTR1/IFF-1

Due Date has been extended from 13th May 2021 to 28th May 2021

Notification No. 13/2021 CGST

April 2021

8

Timelines for all other proceedings, asset order etc., where last date of completion or compliance under GST law falls between 15th April to 30th May 2021

NA

Due Date extended to 31st May 2021

Notification No. 14/2021- CGST

15th April to 30th May 2021

9

Taxpayers who are liable to furnish the return as GSTR-4

GSTR-4

No Interest shall be charged for the first 15 days from the due date, 9% interest for the next 15 days and 18% thereafter

Notification No. 08/2021 CGST for INTEREST WAIVER

F.Y. 2020-2021

10

Composition Taxpayers

GSTR-4

Due Date extended from 30th April 2021 to 31st May 2021

Notification No. 10/2021 CGST

F.Y.2020-21

RELAXATION ANNOUNCED BY CBDT IN INCOME TAX ON 30TH APRIL 2021:

SL. NO.

Description

Due Date

Circular No.

1

Appeal to CIT(Appeals) under Chapter XX of the Income Tax Act, 1961

31st May 2021

Circular No. 08/2021

2

Objections to Dispute Resolution Panel (DRP) u/s 144C of Income Tax Act, 1961

31st May 2021

Circular No. 08/2021

3

IT Return in response to notice u/s 148 of the Income Tax Act, 1961

31st May 2021

Circular No. 08/2021

4

Filing of Belated Return u/s 139(5)/(4) of the Income Tax Act, 1961

31st May 2021

Circular No. 08/2021

5

Payment of tax deducted u/s 194-IA, 194-IB and 194M of the Income-tax Act, 1961

31st May 2021

Circular No. 08/2021

6

Statement in Form 61 containing particulars of declarations received in Form No.60

31st May 2021

Circular No. 08/2021

TC Comments: The above relaxations as welcome, but have come too late. Relaxations of due date after the due date causes unnecessary anxiety in the Trade on the one hand and reflect upon lackadaisical approach of the Government on the other hand.

RELAXATION ANNOUNCED BY MCA IN ROC MATTERS IN MAY 2021:

SL. NO.

Description

Due Date

Circular No.

1

Gap between 2 board meetings under section 173 of the Cos. Act stand extended by 60 days for first 2 quarters. Accordingly, the gap between 2 consecutive board meeting may extend to 180 days for these 2 quarters (instead of 120 days)

Q1 & Q2 of 2021-22

Circular No. 08/2021

2

Additional time up to 31st July, 2021 for filling of forms due for filling during 1st April, 2021 to 31st May, 2021 other than charge forms (CHG-1 CHG-4 & CHG-9) without any additional fees

April 2021 & May 2021

Circular No. 06/2021

3

For CHG – 1 & CHG – 9 the period from 01.04.2021 till 31.05.2021 shall not be reckoned for the purpose of counting the number of days under section 77 & 78 of the Act.

April 2021 & May 2021

Circular No. 07/2021

TC Comments: Again, the above relaxations as welcome, but have come too late. Relaxations of due date after the due date causes unnecessary anxiety in the Trade on the one hand and reflect upon lackadaisical approach of the Government on the other hand.

 

By: Vivek Jalan - May 10, 2021

 

 

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