Wednesday, October 20, 2021
HomeGSTKey Highlights of 40th GST Council Meeting

Key Highlights of 40th GST Council Meeting

Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing today i.e. 12th day of June 2020. GST Council is meeting today for the first time after the nationwide lockdown.

Key Highlights:

  1. Reduction in Late Fee for past Returns:

Late fee for non-furnishing FORM GSTR-3B for the tax period from July 2017 to January 2020 has been reduced/waived as under: –

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

Kindly note that:

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

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

For small taxpayers (aggregate turnover up to Rs. 5 crores), for the supplies effected in the month of February, March, and April 2020,

  • small taxpayers will not be charged any interest till the notified dates for relief (staggered up to 6 July 2020) and thereafter 9% interest will be charged till 30.09.2020.
  1. Relief for small taxpayers for subsequent tax periods (May, June & July 2020)

for taxpayers having aggregate turnover up to Rs. 5 crores,

  • 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 is furnished by September 2020 (staggered dates to be notified)
  1. One time extension in period for seeking revocation of cancellation of registration:

an opportunity is being provided for filing of an application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been canceled till 12.06.2020 to facilitate taxpayers who could not get their canceled GST registrations restored in time.

  1. Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 30.06.2020.

Disclaimer was given by Department

The recommendations of the GST Council have been presented in this release in simple language for information of all stakeholders. The same would be given effect through relevant Circulars/Notifications which alone shall have the force of law.

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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