Key outcome of 40TH GST council meeting – The 40th GST COUNCIL met under the chairmanship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman here today.
Read- Recommendations of 40th GST council related to Law & Procedure
Summary of Relief granted by 40th GST Council Meeting to taxpayers
| Period | Category of taxpayers | Late fees | Interest | Condition |
| July 2017-Jan 2020 | Taxpayers with Nil Liability | NIL | Nil | Returns can be filed between July 1 and September 30 ,2020 |
| July 2017-Jan 2020 | Taxpayers with tax Liability | Maximum Rs 500 per return | 18% | Returns can be filed between July 1 and September 30 ,2020 |
| Feb-April 2020 | Small taxpayers with turnover of up to Rs. 5 crore | Nil | interest rate has been slashed to 9% from 18% after July 6 | Returns can be filed between July 1 and September 30 ,2020 |
| May to July 2020 | Small taxpayers with turnover of up to Rs. 5 crore | Nil | NIL | Returns can be filed between July 1 and September 30 ,2020 |
NEXT DECISION REGARDING EXTENSION OF TIME LIMIT FOR REVOCATION OF CANCELLATION OF REGISTRATION- Time limit for filling application for revocation of cancellation of registration has been extended till 30.09.2020 if application for cancellation has been filed till 12.06.2020.
Further a meeting is deliberate in July for considering compensation cess to be released for states.
For any queries author can be reached at mamta0581@gmail.com
Dear mam How can we filed gst return regarding to 40th gst meeting
RESPECTED CA MAM CAN I MAIL U REGARDING PROBLEM IN GST NUMBER AUTOMATICALLY CANCELLED BY DEPARTMENT