40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.
Measures for Trade
facilitation
Reduction in Late Fee for past Returns
As a measure to clean up pendency in return filing, a 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. The reduced
rate of the late fee would apply for all the GSTR-3B returns furnished between
01.07.2020 to 30.09.2020
Further relief for small taxpayers for late filing of returns for February, March & April 2020 Tax periods:
For small taxpayers
(aggregate turnover options. 5 crores), for the supplies effected in the month
of February, March and April 2020, the rate of interest for late furnishing of
return for the said months beyond specified dates (staggered up to 6th July
2020) is reduced from 18% per annum to 9% per annum till 30.09.2020. In other
words, for these months, small taxpayers will not be charged any interest till
the notified dates for relief (staggered up to 6th July 2020)and thereafter
9% interest will be charged till 30.09.2020.
Relief for small taxpayers for subsequent tax periods (May, June & July 2020):
In wake of COVID-19
pandemic, 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 are furnished by September 2020 (staggered dates to be notified).
One time extension in period for seeking revocation of cancellation of registration:
To facilitate taxpayers
who could not get their cancelled GST registrations restored in time, an
opportunity is being provided for filing of the application for revocation of
cancellation of registration up to 30.09.2020, in all cases where registrations
have been cancelled till 12.06.2020.
Certain clauses of the Finance Act, 2020
amending CGST Act 2017 and IGST Act, 2017 to be brought into force
from 30.06.2020.