The 40th GST Council Meeting was held today that is on the 12th of June 2020 via video conference. The hon’ble FM chaired the Council Meeting at 11 AM. This was the first Council Meeting after the outbreak of COVID-19. Everyone had their eyes on the Council Meeting. On the one hand where taxpayers were expecting certain relaxations from the government. The government was looking out to generate some revenue sources. Here are the key decisions that were taken in the 40th GST Council Meeting:
1.No Late fee on 3B for Nil Tax Liability:
For all those who have no tax liability but have not filed their GSTR-3B from 1st July 2017 to January 2020 there will be no late fee.
2. Late fee capped to Rs 500 on GSTR-3B
Taxpayers with tax liability but have not filed return the late fee on GSTR-3B has been capped to Rs 500. The reduced late fee would apply for 3B returns filed between 1/07/2020 to 30/09/2020.
3.Those who have not filed their GSTR-3B return can file it till September 30.
4. Relief to small taxpayers:
A further relief is given to small taxpayers with turnover up to 5 crores for the late filing of return for the month of Feb to April. They can file their return till July 6th with no interest and then with a reduced rate of 9% till 30th September.
Small taxpayers with turnover up to 5 crores can file returns for May to July till September 2020. No late fee will be charged till September 2020.
5.Time extension in period for seeking revocation of cancellation of GST Registration upto 30th September for registration which have been cancelled upto 12th June 2020.
6. The FM further added that the decision on the Inverted Duty Structure has been postponed for now
Are you satisfied with the decisions taken in the 40th GST Council Meeting?
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