The 40th GST Council meeting was conducted on Friday, 12th June 2020 via video conferencing. The Finance Minister Nirmala Sitharaman chaired this meeting. Following are the highlights of recommendations made by the GST Council for changes in the law, procedure, and GST rates. Majorly, the GST Council has decided to further ease the compliance burden of businesses by providing relief on late fees and interest payable on late payments.
Highlights of the 40th GST Council Meeting:
- 1. Late Filing Fee for GSTR-3B
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Return period
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1/7/2017
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31/1/2020
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Filing from
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1/7/2020
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30/9/2020
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GST Payable
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Late Filing Fee of GSTR-3B
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No
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Nil
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Yes
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Maximum Rs.500 per return
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- 2. Interest Relief & Late Fee Waiver for Small Tax Payers from February to April
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Rate of Interest
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Late Fee
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Till specified dates
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0% pa
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Nil
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Till 30/9/2020
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9% pa
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Applicable
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Wef 1/10/2020
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18% pa
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Applicable
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Specified Dates
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Turnover
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Feb
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March
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April
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Upto 1.50 cr
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30/6/2020
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3/7/2020
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6/7/2020
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1.50 cr - 5 cr
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29/6/2020
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29/6/2020
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30/6/2020
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- 3. Interest Relief & Late Fee Waiver for Small Tax Payers from May to July
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Rate of Interest
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Late Fee
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|
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Till 30/9/2020 (staggered dates)
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0%
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Nil
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wef 1/10/2020
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18% pa
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Applicable
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Specified Dates
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Turnover
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May
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June
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July
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State 1
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State 2
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State 1
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State 2
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State 1
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State 2
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Upto 1.50 cr
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12/7/2020
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14/7/2020
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22/7/2020
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24/7/2020
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22/8/2020
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24/8/2020
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1.50 cr - 5 cr
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12/7/2020
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14/7/2020
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22/7/2020
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24/7/2020
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22/8/2020
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24/8/2020
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- 4. Restoration of Registration
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Registration Cancelled Till
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12/6/2020
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Filing of Application for Revocation of Cancellation of Registration
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30/9/2020
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