+
Govt provides relief in GST timelines to businesses hit by Covid-19
ECONOMY & POLICY

Govt provides relief in GST timelines to businesses hit by Covid-19

The Ministry of Finance has announced changes in compliance requirements under the Goods and Services Tax (GST) regime to provide relief to businesses affected by Covid-19.

The reliefs include an extension of the GST return filing deadline, a reduced late fee amount, and even a late fee waiver in some cases These changes have been made in response to the GST Council's recommendations.

Businesses with an aggregated turnover of over Rs 5 crore in the previous financial year will be exempt from paying a late fee if they fail to file their GSTR-3B returns within 15 days of the due date in March and April.

The late fee is waived for businesses with an aggregate turnover of up to Rs 5 crore for up to 30 days of late payment during the two months. The 30-day window applies to taxpayers with an aggregate turnover of up to Rs 5 crore for the January-March 2021 period.

The deadline to file a return in Form GSTR-4 under the Central Goods and Services Tax Rules, 2017, for the fiscal year ending March 31, 2021, has been pushed back a month to May 31, 2021.

The government has also extended the deadline for submitting the Form GST ITC-04 declaration in regards to goods dispatched to or received from a job worker from January 1 to March 31, 2021, to May 31, 2021.

While the time limit for furnishing the details of outward supplies for the April 2021 tax period, in Form GSTR-1 has been extended till May 26, the government notification informed that businesses could file returns in Form GSTR-3B cumulatively for the period April and May, with the cumulative adjustment of the input tax credit. Details of April will have to be furnished by May 28.

Image Source


Also read: Covid-19 second wave: State govts offer assistance to construction workers

The Ministry of Finance has announced changes in compliance requirements under the Goods and Services Tax (GST) regime to provide relief to businesses affected by Covid-19. The reliefs include an extension of the GST return filing deadline, a reduced late fee amount, and even a late fee waiver in some cases These changes have been made in response to the GST Council's recommendations. Businesses with an aggregated turnover of over Rs 5 crore in the previous financial year will be exempt from paying a late fee if they fail to file their GSTR-3B returns within 15 days of the due date in March and April. The late fee is waived for businesses with an aggregate turnover of up to Rs 5 crore for up to 30 days of late payment during the two months. The 30-day window applies to taxpayers with an aggregate turnover of up to Rs 5 crore for the January-March 2021 period. The deadline to file a return in Form GSTR-4 under the Central Goods and Services Tax Rules, 2017, for the fiscal year ending March 31, 2021, has been pushed back a month to May 31, 2021. The government has also extended the deadline for submitting the Form GST ITC-04 declaration in regards to goods dispatched to or received from a job worker from January 1 to March 31, 2021, to May 31, 2021. While the time limit for furnishing the details of outward supplies for the April 2021 tax period, in Form GSTR-1 has been extended till May 26, the government notification informed that businesses could file returns in Form GSTR-3B cumulatively for the period April and May, with the cumulative adjustment of the input tax credit. Details of April will have to be furnished by May 28. Image Source Also read: Covid-19 second wave: State govts offer assistance to construction workers

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?