Goods & Services Tax (GST) in IndiaGST Council | Goods & Services Tax Council | Indian GST CouncilGST RegistrationKey Decisions – 40th GST Council Meeting

The 40^th GST Council took place on 12^th June, 2020 and the key decisions taken by the Council are mentioned below:

Waiver of Late Fee for Past Return

Proposal – No late fee for delayed filing of GSTR-3B for the period July, 2017 to January, 2020.

Applicability – For taxpayer having ‘NIL liability’ during the aforementioned period.

Condition – File GSTR-3B for the said period between 1^st July, 2020 to 30^th September, 2020

Reduced Late Fee for Past Returns

Proposal – Maximum Late fee capped at Rs. 500/- per return for delayed filing of GSTR-3B for the period July, 2017 to January, 2020.

Applicability – For taxpayer having ‘Tax liability’ during the aforementioned period.

Condition – File GSTR-3B for the said period between 1^st July, 2020 to 30^th September, 2020

Concessional Interest due to Covid 19

Proposal – To levy interest @9% p.a. instead of 18% p.a. on delayed payment of taxes.

Applicability – For taxpayer having turnover upto Rs. 5 Crore.

Period – February, 2020 to April, 2020

Condition – File GSTR-3B for the said period till 30^th September, 2020 (staggered dates will be notified)

Waiver of Interest & Late Fee due to Covid 19

Proposal – No interest on delayed payment of taxes and No late fee on delayed filing of GSTR-3B.

Applicability – For taxpayer having turnover upto Rs. 5 Crore.

Period – May, 2020 to July 2020

Condition – File GSTR-3B for the said period till 30^th September, 2020 (staggered dates will be notified)

Revocation of Cancellation of Registration

Proposal – Filing of application for revocation of cancellation of registration shall be allowed upto 30^th September, 2020

Applicability – For taxpayer whose registration has been cancelled till 12^th June, 2020.

Implementation of Finance Act, 2020

The Council proposed to implement certain amendments made under CGST Act, 2017 and IGST Act, 2017, vide Finance Act, 2020, w.e.f. 30^th June, 2020.

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