HIGHLIGHTS OF 40TH GST COUNCIL MEETING HELD AS ON FRIDAY, DATED 12/06/2020

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  •   For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period July 2017 - January 2020 has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020 - September 30, 2020.

  • For all those who have no tax liabilities but who have not filed their returns between July 2017-Jan 2020 there will be zero late fees.

  •  For small tax payers whose aggregate turnover is up to Rs 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%.

  •  Small tax payers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020, no late fee or interest.

  •  In all cases where registration has been cancelled till June 12, 2020, Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020.

  • Matter of compensation cess and inverted duty structure to be discussed in next meeting to be held in July.

  • .All these measures are announced by the Honorable FM in her virtual media briefing. Detailed Notifications to follow.

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