40th GST Council Meeting

40th GST Council Meeting

On the 40th GST council meeting following updates should be noted.

1. Late Fee reduction

In the 40th GST Council meeting the late fee of the period from July 2017 to January 2020 are reduced to zero in case of NIL tax liability or maximum Rs.500 in case of any tax liability.

Note : these rate are also applicable for the returns filed between 1st July 2020 to 30th September 2020.

2. Relief for small taxpayers

40th GST Council have also discussed about small taxpayers who has turnover up to Rs.5 Cr. Interest rate on the late tax payment, reduced to 9% till 30th September 2020, and if the return of February 2020, March 2020, April 2020 filed before 6th July 2020 no Interest.

The small taxpayer who has turnover up to Rs.5 Cr additional relief provided by waiver of late fees and interest if GSTR 3B for the months of May 2020, June 2020, July 2020 are filed by September 2020.

3. Revocation of cancellation of registration

The taxpayer who could not get their cancelled GST registration restored in time now they can file the application of revocation of cancellation of registration up to 30/092020, In all cases where registration have been cancelled till 12/06/2020.

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