Key Highlights of 40th GST Council Meeting

Key Highlights of 40th GST Council Meeting

#Key Highlights of 40th GST Council Meeting #40th GST Meeting #GST Press Release as on 12th June 2020

Recommendations of GST council related to Law & Procedure

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.

The GST Council has made the following recommendations on Law & Procedures changes.

  1. Measures for Trade facilitation:
  • Reduction in Late Fee for past Returns:

As a measure to clean up pendency in return filing, late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: -

  1. ‘NIL’ late fee if there is no tax liability
  2. Maximum late fee capped at Rs. 500/- per return if there is any tax liability.

Thereduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

  • Further relief for small taxpayers for late filing of returns for February, March & April 2020 Tax periods:

For small taxpayers (aggregate turnover uptoRs. 5 crore), for the supplies effected in the month of February, March and April, 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto 6th July 2020) is reduced from 18% per annum to 9% per annum till 30.09.2020. In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6th July 2020)and thereafter 9% interest will be charged till 30.09.2020..

  • ​​​​​​​Relief for small taxpayers for subsequent tax periods (May, June & July 2020):

In wake of COVID-19 pandemic, 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).

  • ​​​​​​​One time extension in period for seeking revocation of cancellation of registration:

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunityis being provided for filing of application for revocation of cancellation of registrationup to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.

For Your Ref: Press Release : https://pib.gov.in/PressReleasePage.aspx?PRID=1631127
 

DISCLAIMER :- This Blog is for the purposes of information / knowledge and shall not be treated as solicitation in any manner or of for any other purposes whatsoever.

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