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Recommendations of 40th GST council related to Law & Procedure

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On 12th June 2020, the Union Finance Minister  Nirmala Sitharaman has hosted the  40th GST Council Meeting in which the following decisions has been taken:-

1.For furnishing GSTR 3B for the period July 2017 to January 2020, the late fee shall be:-

    • Nil return – there is no tax liability.
    • If there is any tax liability – Maximum fee capped 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.

2. Relief for small taxpayers for late filing of returns for February, March and April 2020

    • For small taxpayers (aggregate turnover upto Rs. 5 Crores), the taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6th July 2020) and thereafter interest @ 9% will be charged till 30-09-2020.

3. Relief for small taxpayers for subsequent tax periods (May, June and July 2020)

    • Full waiver of late fee and interest if the returns are furnished by September 2020.

4. One time extension in period for seeking revocation of cancellation of registration

    • To facilitate the taxpayers who can not get their cancelled GST number restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration upto 30-09-2020, in all cases where the registrations have been cancelled till 12-06-2020.

To download the Press release, click here Press release

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