In this blog, we will discuss the decision taken by the 40th GST Council. In this blog, we will talk in detail Due date for the different month also interest rate for the different months.
One-time Waiver of late fees in the GST from the beginning of the GST to till date
– In this one-time waiver there is no turnover limit any assesses can claim the benefits. This waiver has been given as per tax liability. Tax liability will be output tax less Input tax.
- Reduction in late fees from January 2017 to January 2020 if there is TAX PAYMENT.
If anyone has not filed the old return, he can file the return now with maximum fees of Rs 500 Per return.
- Waiver in late fees from January 2017 to January 2020 if there is No tax payment.
If anyone has not filed the old return, he can file the return now with Nil Payment of fees.
Due Date for claiming the One-time benefits –
GST return should be filed from 01 July 2020 to 30 September 2020.
Interest Rate in One-time benefits –
Interest will be 18% per annum payable from the original due date.
Waiver of late fees in the GST for the Period (February, March and April 2020)
– In this only small taxpayers can claim the benefits. A small taxpayer means having a turnover of less than 5 crore. There is NIL late fees for the period (February, March and April 2020).
Due Date for (February, March and April 2020) Return
Due date will be 6th July (staggered date will be notified). The staggered date means a different date for the different state.
Interest Rate
There will be no interest if payment is done before the extended due date of filing return (6th July 2020). If payment is done after 6th July than interest will be 9% per annum till 30thg September. After 30th September interest will be 18% per annum.
Waiver of late fees in the GST for the Period (May, June and July 2020)
– In this only small taxpayers can claim the benefits. A small taxpayer means having a turnover of less than 5 crores. There are NIL late fees for the period (May, June and July 2020).
Due Date for (May, June and July 2020) Return
Due date will be 30th September (staggered date will be notified). Staggered date means a different date for the different state.
Interest Rate
There will be no interest if payment is done before the extended due date of filing return.
Extension of Due Date in Tabular Form
| Period | Late fees | Due date of filing for Relief | Aggregate turnover limit | Interest rate |
| January 2017 to January 2020 | Nil (If there is no tax liability) | 01 July 2020 to 30 September 2020 | Nil | 18 |
| January 2017 to January 2020 | Maximum 500 Per return (If there is tax liability) | 01 July 2020 to 30 September 2020 | Nil | 18 |
| February, March and April 2020 | Nil | 6th July | Less than 5 crores | Nil till 6th July after that 9% per annum till September |
| May, June and July 2020) | Nil | 30th September | Less than 5 crores | 9% per annum (If payment not done before 30th September) |
Frequently Asked Question on Extension of Due Date?
What is the Due date of GSTR-1?
GSTR-1 Due date extension is yet not specified in the Notification
What is the Due date for Composite Dealer?
Due date extension is yet not specified in the Notification for composite dealer
Any Relief is given for the taxpayer having turnover more than 5 Crore?
No there is no relief given for the taxpayer having turnover more than 5 Crore
What happens if I already paid the late fees?
There is no relief if you have already paid for it. In India government always believe if any taxpayer is honestly paid the tax he is capable and does not need any relief.
Tax Baniya – Business & Investment Advisors
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