Highlights of 40th GST council meeting related to Law & Procedure

Highlights of 40th GST council meeting related to Law & Procedure
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Highlights of 40th GST council meeting related to Law & Procedure

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

  1. 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.

 


  1. 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.

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