40TH GST COUNCIL MEETING KEY HIGHLIGHTS DT. 12.06.2020
“Recommendations of GST council related to Law & Procedure”
Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing today i.e. 12th day of June 2020. GST Council is meeting today for the first time after the nationwide lockdown.
Key Highlights:
Late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: –
• ‘NIL’ late fee if there is no tax liability;
• Maximum late fee capped at Rs. 500/- per return if there is any tax liability
Kindly note that:
The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020
For small taxpayers (aggregate turnover up to Rs. 5 crore), for the supplies effected in the month of February, March and April, 2020,
• small taxpayers will not be charged any interest till the notified dates for relief (staggered up to 6 July 2020) and thereafter 9% interest will be charged till 30.09.2020.
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for taxpayers having aggregate turnover upto Rs. 5 crore,
• further relief provided by waiver of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, 2020 are furnished by September, 2020 (staggered dates to be notified)
an opportunity is being provided for filing of application for revocation of cancellation of registration upto 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020 to facilitate taxpayers who could not get their cancelled GST registrations restored in time.
5. Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 30.06.2020.
Source : Media & Press Release
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Tags : GST
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