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

03 May 2021 CW Team

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

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..