GST council meeting: 40th GST Council Meet held today for the first time post the Covid-19 lockdown through videoconferencing. Finance Minister Nirmala Sitharaman chaired the meeting.
Key Highlights of the GST Council Meeting
1. For those taxpayers with nil liability will have to pay zero late fee for late filing of GSTR-3B for July 2017-Jan 2020.
2. Maximum late fee has been capped at Rs 500 per return for those taxpayers who have a tax liability and have not filed GSTR-3B for July 2017-Jan 2020. This will apply to all returns submitted during July 1, 2020 – September 30, 2020.
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3. Taxpayer who have tax liability can file past returns between July 1 to Sep. 30.
4. Small businesses with turnover up to Rs 5 crore, can file returns for May to July 2020 till Sep 2020.
5. No late fee in GSTR -3B till September 2020.
6. For small tax payers whose aggregate turnover is up to Rs 5 crore, the rate of interest for late furnishing of GST returns for Feb, March and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%.
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7. The Council will meet again in July to specially discuss how the government plans to pay compensation cess to the states.
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