40th GST Council Meeting- Highlights

40th gst council meeting
Reduction in GSTR-3B late fee for the period Jul 2017 to Jan 2020:
  • For taxpayers with no liability, late fee has been waived off
  • For taxpayers with tax liability, the maximum late fee has been capped at Rs 500 per return

Note:- For the above relief, GSTR-3B should be filed between the 1st of July 2020 to 30th September 2020

Covid-19 Relief for small taxpayers

Following relief measures have been provided for small taxpayers with an aggregate turnover of up to Rs 5 crore

  • The taxpayers who have filled GST returns for the period February, March and April 2020 on or before 06th July 2020 are not liable to pay interest on late GST payment. If they are unable to file on or before 06th July 2020, he has to pay interest on late GST payment at a reduced rate of 9% instead of 18%. However, he should file returns on or before the 30th September 2020.
  • Late fees and interest have been waived off for the period of May, June and July 2020, if the returns are filled before 30th September 2020.
One time extension to revocation of cancellation of GST registration:

Taxpayers can now file an application for revocation of cancellation of GST registrations, up to 30th September 2020, for the registrations that were cancelled till 12th June 2020.