GST AMNESTY SCHEME
Starting at Rs.499*
- Filing of monthly/ quarterly GSTR-1 and GSTR-3B returns as required
- GSTR-2A reconciliation
- Facilitation of Output tax payment
- Valid for businesses with upto 30 monthly sales invoices
*charges mentioned is for 1 return only and charges per return reduces as the no. of returns increases
WHAT IS GST AMNESTY SCHEME 2021?
‘Amnesty’ means pardon (maafi nama). So the Govt. has finally given a pardon for a lot of penalties on filing delayed GST returns under the GST Amnesty Scheme 2021, the much awaited scheme was given a go ahead on 28th May 2021.
Under this Scheme the maximum late penalties for a GSTR 3B return will be reduced as follows:
|Tax Liability||Penalty Before 1st June 2021||Penalty From 1st June 2021 to 31st August 2021|
|Nil Return||Rs.5,000 per return||Rs.500 per return|
|Taxed Return||Rs.5,000 per return||Rs.1,000 per return|
That means, if you were unable to file GSTR-3B returns for prior-periods for any reason and the penalties were mounting up to the North, it maybe the right time to compete the filings as the penalties will have reduced by upto 90%. So if your penalty due as at date was Rs.1,00,000/-, you will have to pay maximum Rs.20,000/- only.
So why wait, just grab this opportunity till the time the scheme continues, i.e. 31st August 2021.
List of Documents required For GST AMNesty Scheme
- Sales Invoices
- Purchase Invoices
- GST Login Credentials
- Bank Statement
HOW DOES IT WORK?
- The people who missed filing GSTR-3B returns were provided relief under the GST amnesty scheme 2021.
- This scheme was initially introduced for the taxpayers to file the return covering the period of July 2017 – September 2018.
- The taxpayers and professionals had requested to reopen and notify the GST Amnesty scheme 2021 for the taxpayers due to Covid-19 pandemic circumstances.
- Considering the grave conditions, the GST Amnesty scheme 2021 was again introduced by CBIC vide its notification released on 1st June 2021.
- This notification stated that all the taxpayers who have failed to or missed filing the GSTR – 3B returns for the previous period, i.e. July 2017 – April 2021, can file the return with a GST return late fee (which is the reduced maximum payable) and levy of interest.
ANSWERING YOUR QUERIES
Is filing GST Returns mandatory ?
Yes. A GST Registered Vendor has to file GST Returns irrespective whether there has been transactions or not. Failing to file the same will result in additional penalty.
Can I opt for quarterly returns if my annual turnover is less than 5 Crore?
Yes. A taxpayer having annual turnover less than 5 cr can opt for filing quarterly returns (GSTR-3B and GSTR-1) under QRMP Scheme. They can also opt for filing GSTR 1 monthly with it.
What are the late fees for filing of GSTR3B?
Failing to file GSTR3B within due date results in late fees of Rs 20 per day (Nil Return) and Rs 50 per day (Transactional return) as the case maybe.
What is the ratio of payment to be done as per QRMP Scheme?
All persons registered under the QRMP scheme should pay the tax due in each of the first two months of the quarter by the 25th of the next month in that quarter
Methods of making payment under QRMP Scheme
- Fixed Sum Method (FSM) – The taxpayer who is filing a Quarterly return in a preceding quarter has to pay 35% of the tax in the 1st and the 2nd month of the quarter. The balancing amount of tax is to be paid in the 3rd month.
- Self-Assessment Method (SAM) – The taxpayer has to calculate tax payable from the sales and purchase done during the last month and pay the GST directly in form GST PMT-06. If the tax liability is Nil, the taxpayer has to do nothing for the month.
Still Have Queries?
We are very excited to assist you in all ways possible.