2024 Gst interest relaxation

Gst interest relaxation

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August undefined, 2024

http://caportal.saginfotech.com/blog/icsi-mca-relaxation-compliance-procedures-companies/ Web13 hours ago · ♦ relaxation in the definition of eligible start-ups referred to in sec 80-iac Sec 80-IAC provides that where the Gross Total income of the eligible start-ups includes any profit and gain from eligible business, 100% deduction shall be allowed of the profit and gain derived from such business for any 3 consecutive years out of 10 years ...

GST RELAXATIONS 2.0- Insights - taxconcept.net

WebSep 26, 2024 · According to section 50 (1) of the Central Goods and Services Tax (CGST) Act 2024, the taxpayer should pay interest on GST liability if the following instances: Interest is paid on GST liability deposited late on the unpaid tax at 18% p.a. for the period on the tax amount or any part that remains unpaid. Reduces GST liability wrongly or … WebAug 24, 2024 · Non- GST changes. Just like GST, even the other compliance like income tax, excise, customs etc are relaxed to provide relief to the business. Here is a quick summary of changes other than GST. … thorlo xj running crew socks

Interest on Late Payment of GST including relaxations of COVID-19

WebJul 25, 2024 · Relaxations for Interest liability Due to 2nd wave of Corona Virus (COVID-19) pandemic – 2024. Vide CGST N/N CGST-8/2024 dated 01.05.2024 as amended by N/N … WebMay 4, 2024 · Refer to Taxmann's GST Compliance Calendar for April-March 2024 to know about due dates for GSTR 1 & GSTR 3B. Also, know about GSTR 3B late fees & GSTR 3B Tax payment. ... Relaxation in Interest: Form CMP-08 for statement of Quarterly Payment of Tax: Jan-Mar 2024: 18-Apr-21: Till 3-May-21: Nil: WebJun 25, 2024 · Vide a series of notifications, Central Government relaxed the late fee and interest on GSTR 1 and GSTR 3B to be filed for period from MArch 2024 till July 2024. … thor lrg2401u

GST Compliance Relaxation in GST Regime issued on 1st May, 2024 …

Interest on late payment of GST ; Analysis - TaxGuru

WebMay 14, 2024 · 3. Other Relief Measures. Other COVID 19 relief measures announced in 43rd GST Council Meeting for COVID Relief are: Cumulative application of rule 36(4): For availing ITC for tax periods April, May and June, ‘21 cumulative application of rule 36(4) is allowed in the return for the period June, ‘21. EVC over DSC: Allowed filing of returns by … WebMay 10, 2024 · 5. Reduction in Interest Rate for delayed payment of GST [Notification No. 8/2024-CT dated 1st May 2024]: 6. Relaxation in restriction on availment of Input Tax Credit under rule 36(4) [Notification 13/2024-CT dated 1st May 2024]: Rule 36(4) restricts the availment of input tax credit beyond 5% of the ITC reflected in Form GSTR 2A/2B. thor lrg3001u manualWebMay 4, 2024 · RELAXATION IN GST COMPLIANCE’S UNDER-COVID-19 (NOTIFICATION NO. 08/2024 and 09/2024- CENTRAL TAX DATED 01.05.2024) INTEREST RATE RELIEF Turnover Tax period Due Date Interest Rate Relief Late Fee Relief More than 5cr March,21 April,21 20.04.2024 20.05.2024 First 15 Days-9% After 15 Days-18% 15 days from due … thor lp

"WebMay 2, 2024 · a. For registered persons having aggregate turnover above Rs. 5 crore: A lower rate of interest of 9 per cent for the first 15 days from the due date of payment of tax and 18 per cent thereafter, for the tax payable for tax periods March 2024 and April 2024, payable in April 2024 and May 2024 respectively, has been notified. b. " - Gst interest relaxation

Gst interest relaxation

Late fee relief to non-filers of GST returns to help small business ...

WebMar 4, 2024 · Section 50 says that Interest is applicable on Late Payment of GST Due. Interest has to be paid by every taxpayer who: Makes a delayed GST payment i.e. pays GST after the due date. i.e at 18% pa (Sec. 50(1)) Claims excess Input Tax Credit i.e at 24% pa( Sec. 50(2) ) WebMay 30, 2024 · Relaxation in certain due date of GST Returns and other compliances of F.Y. 2024-21 with some major decisions taken by GST Council in meeting, Council …

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WebJun 18, 2024 · HIGHLIGHTS OF THE SCHEME: –. a. Applicable only if GSTR-3B returns for these tax periods are furnished during the period between 01.06.2024 to 31.08.2024; b. Late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods; WebJun 5, 2024 · Interest Waiver as per Notification 08/2024 and relaxation as recommended by 43rd GST Council For Turnover > 5 Crores in preceding FY in case of GSTR 3B …

WebMay 3, 2024 · Relaxation ITC availment : 13/2024 – Central Tax: Rule 36(4) i.e. 105% Cap on availment of ITC: ... Relaxation in GST interest rate for March & April 2024: Notification No. 08/2024- Central Tax [G.S.R. 304(E)] 01/05/2024: UTGST: Relaxation in GST interest rate for March & April 2024: WebJun 25, 2024 · Months: Interest (Reduced interest under Notification No. 51/2024- Central Tax): Late Fees (Waiver under Notification No. 52/2024- Central Tax): Last date to file GSTR 3B to avail the waiver of late fee : Due Date: February, 2024: Nil for first 15 days from the due date, and 9% p.a. thereafter till 24.06.2024.

WebMay 4, 2024 · Due to the outbreak of the second wave of COVID-19 across the country, the Government has issued several notifications on May 1 st, 2024 in order to provide relief under GST laws.The Government has announced various reliefs such as the extension of the due date of GSTR-1, GSTR-4 & ITC-04, waiver of late fees for GSTR-3B, relaxation … WebMay 9, 2024 · Due date for GSTR-3B. One Time Relaxation. 1. Taxpayers having an aggregate turnover of more than Rs. 5 crores in the preceding financial year. 20-04-2024. *After 20-04-21, Interest @18% P.a. on Net cash tax liability shall be charged (i.e., 20-04-2024 to date of filing) *After 20-04-21, Prescribed Late Fees shall be applicable.

WebApr 4, 2024 · If there is delay of 30 days from Due Date, Interest payable NIL for first 15 days and @ 9% for next 15 days) Relaxation available if GSTR-3B for Feb 2024, Mar 2024 and April 2024 filed by 24th June 2024. If Return not filed by 24 th June, then late fees and Interest @ 18% payable from Original Due Date. Due Date for filing GSTR-3B for May …

WebMay 4, 2024 · RELAXATION IN GST COMPLIANCE’S UNDER-COVID-19 (NOTIFICATION NO. 08/2024 and 09/2024- CENTRAL TAX DATED 01.05.2024) INTEREST RATE … umd withdraw datesWebMay 5, 2024 · ICSI is an acronym for The Institute of Company Secretaries of India, has released a letter in requesting for relaxations in the provisions of the Companies Act, 2013 due to Coronavirus.The letter is issued to Thursday for the Ministry of Corporate Affairs (MCA). ICSI stated in the letter that Due to COVID-19, the government imposed a … umd withdraw from semester thor lrg3001u reviewsWebFeb 19, 2024 · Analysis of provisions of interest on late payment of GST. After 31 st meeting of the GST Council, it has been published on 22 nd December, 2024 that the … umd women\u0027s basketball scoreWebMay 9, 2024 · Home Corona Relief 2024 – Relief Measures under GST due to COVID-19 Pandemic. May 9, 2024 caAdmin 3. During the first wave of Corona pandemic in India in … umd women\u0027s soccer rosterWebApr 10, 2024 · Step 3: You will be on the ‘File Returns’ page. Select the ‘Financial Year’ and the ‘Return Filing Period’ from the drop-down list. To go on, click on ‘SEARCH.’. Step 4: Locate the tile titled ‘Monthly Return GSTR-3B’ and click ‘PREPARE ONLINE.’. Step 5: Enter the values for each section. thor lrg3001uWebMay 10, 2024 · The Financial Year 2024-21 has been a very unusual year since the inception of GST in terms of multiple extensions through various notifications. Vide this article we are providing the readers all the necessary information pertaining to GSTR-3B in respect of due date and the applicable late fees/ interest along with the relevant … umd workday login