43rd GST COUNCIL MEETING IMPORTANT ASPECTS?

43rd GST COUNCIL MEETING IMPORTANT ASPECTS?

Finance Minister Mrs. Nirmala Sitharaman announced on Friday that in order to provide relief to small taxpayers, the GST Council has recommended an amnesty scheme for reducing late fee payable in these cases.

1. Amnesty Scheme:-

In order to provide relief to the taxpayers, the late fee for not filing Form GSTR-3B for the tax periods from July 2017 to April 2021 has been reduced.

Late fee has been limited to a maximum of Rs 500 (Rs. 250 each for CGST and SGST) per return for taxpayers who did not have any liability for the stated tax periods.(Nil Return).

late fee has been limited to a maximum of Rs 1,000 (Rs 500 each for CGST and SGST) per return for other taxpayers having tax liability for the stated tax periods.

Period of filling return:- 01.06.2021-31.08.2021.

👉 Example:

Assume Your 8 months return is pending, So late fee is 20 x 30days x 8month = 4800₹ P.M & it will be decreased month wise. So at the end of time you have to pay total 21,600 rs in #Normal Scheme.

Where

In #AmnestyScheme For nil returns total penalty is maximum 500₹. per month. So your late fees is 500₹ per month according to 8 month it is 4000₹.

So you have #save total 17,600₹ & It is really a good money for you.

Get Filed Your GST Return @99 Rs. Only*

—-! Click Here !—-

#Other Benefits :-

2.RELEXATION IN LATE FEES:- Late fee also rationalised for future tax periods.

3.COVID-19 RELIEF:- 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 and Black Fungus related goods are also expemted under igst till 31.08.2021.

4. Simplification of Annual Return for Financial Year 2020-21:- 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(Not Mandatory).

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.

5. Extension of due date of filing various returns:-Due date extension must be read in attach press relase.

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