Highlights of 40th GST council meeting related to Law & Procedure
Highlights of 40th GST council meeting related to Law & Procedure
The GST Council has made the following recommendations on Law & Procedures changes.
- Reduction in Late Fee for past Returns:
FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: –
| Having NO TAX Liability | NIL late fee |
| Having TAX Liability
|
Maximum Late fee at Rs. 500/- per return |
| The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020. | |
Interest Rate Reduced from 18% to 9% p.a till 30.09.2020 for Small Taxpayers (Aggregate Turnover upto Rs.5 Crore) GSTR-3B returns for February, March & April 2020 Tax periods :
| Late GSTR-3B Filing for Small Taxpayers (T.O upto Rs.5 crs) | Due Date | Interest Rate |
| For Feb, March and April’ 2020
(Previously) |
6th July’2020 | Nil |
| For Feb, March and April’2020
(Now Reduced Interest Rate) |
30th Sept’2020 | 9%
(instead of 18%) |
3.Relief for small taxpayers for subsequent tax periods (May, June & July 2020):
| GSTR-3B for Small Taxpayers (T.o upto Rs.5 crores | Relief in Due Date | Late fee | Interest Rate |
| For May, June & July’2020 | 30th Sept’2020 | NIL | NIL |
4.One time extension in period for seeking revocation of cancellation of registration:
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.
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.
K.C.MAHATO is expert in GST Consultancy and has an experience of more than 10 years in Indirect tax , Direct Taxes and the accounting profession. He is also giving GST Practical Training to Students and SME Traders. He provide services that most effectively meet client needs. Her experience is concentrated in performing GST Laws & Practices and compliances of gst in a variety of industries.
