Good news for taxpayers amid COVID-19 as the Finance Ministry extends the last date for availing the GST Amnesty Scheme. After a long wait and a delay in GST return filing caused by complexity in GST return filing compliances, GST Council capped the late fees on GST return filing in the 43rd GST Council Meeting. However, this was only available for a limited time. Considering the difficulties faced by taxpayers in the pandemic and the complexity of GST Return Filing, the finance ministry has extended the deadline to avail the Amnesty Scheme.
In this article, we will study this positive update on the Amnesty Scheme in detail.
Know about GST Amnesty Scheme
The Government decided in the 43rd GST Council Meeting to provide immense relaxation for the pending GST returns of GSTR-3B. This relaxation was given the name of the GST Amnesty Scheme. It provides relaxation as follows.
- Firstly, Taxpayers can avail of the benefits of this Amnesty Scheme on all GSTR 3B returns pending from July 2017 till April 2021.
- The late fees are capped at only Rs. 500/- for nil returns and similarly, a maximum of Rs 1,000 per return for those having tax liability.
To know Read More about it. Click here – GST Amnesty Scheme
Finance Ministry Extends the last date for availing GST Amnesty Scheme
The last date to avail benefit of the late fee amnesty scheme is now extended from existing 31st August 2021 to 30th November 2021 as per the latest statement by the Finance Ministry.
In addition, The government has extended the deadline for the application for the cancellation to 30th November 2021, where the due date of filing of the application for cancellation of registration falls between 1st March 2021 and 31st August 2021.
However, taxpayers must note that the extension would be applicable only in those cases where registrations have been canceled under clause (b) or clause (c) of sub-section (2) of section 29 of the CGST Act.
Furthermore, the submission of GSTR-3B FORM and GSTR-1 / IFF by Electronic Validation Code (EVC) for businesses have been permitted for the period of 27.04.2021 to 31.08.2021 instead of Digital Signature Certificates(DSC). It was extended till 31 October 2021.
In conclusion, this scheme will benefit a wide range of taxpayers, especially small taxpayers, who are unable to submit their returns on time owing to different reasons. Thus, we can say that this Amnesty Scheme is a massive opportunity to clear all the pending returns. Taxpayers should file GSTR-3b as soon as possible to avail the benefits before it gets too late again.
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