Important decisions taken at 40th GST council meeting held on 12 June 2020, Tax updates All You Need To Know

Important update and decisions made from The 40th GST council Meeting held on 12th June 2020

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5 points from the GST council meeting held today.

1️⃣ For all those who have no tax liability but have not filed GST returns for tax period July 2017 – Jan 2020 (prior to #COVID19 period), there shall be no late fee at all.

2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 – Jan 2020 has been capped to ₹ 500.

This will apply to all returns submitted during Jul 1, 2020 – Sep 30, 2020

3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%.

4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020.

5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration upto September 30, 2020 in all cases where registration has been cancelled till June 12, 2020.

Source: Ministry of Finance – official Twitter channel