The GST Council met for the 40th time on 12th of June, 2020 through video conference. The Council made certain key recommendations on GST Law and procedures. The recommendations were mainly aimed at trade facilitation and to give relief to small taxpayers. Summary of the recommendations are given below:
1. Reduction in late fees for past FORM GSTR-3B Returns:
Reduction / waiver of Late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 is recommended as under –
- In case of NIL Tax Liability – No late fees
- In case of any tax liability – Maximum Rs 500 per return
Note – this reduction/ waiver is available if all the pending GSTR 3B returns are furnished between 1st July, 2020 to 30th September, 2020.
2. Relief of late fees and Interest for late filing of GST returns for the period Feb 20 to July 20 for aggregate turnover upto Rs 5 crores–
| Month | Turnover upto 1.5 Crores | Turnover more than 1.5 Crores and upto Rs 5 Crores | ||
| No Interest | 9% Interest | No Interest | 9% Interest | |
| Feb 20 | 30th June | 30th September | 29th June | 30th September |
| Mar 20 | 3rd July | 29th June | ||
| Apr 20 | 6th July | 30th June | ||
| May 20 | 12th/14th July | September, 2020 (Dates to be notified) | 12th/14th July | September, 2020 (Dates to be notified) |
| Jun & Jul 20 | ||||
3. Grant of one time extension in period for seeking revocation of cancellation of GST registration
GST Council recommended an opportunity for filing application for revocation of cancellation by 30th September, 20 for taxpayers who could not get their cancelled GST registrations restored in time. It shall cover all cases where registrations have been cancelled till 12.06.2020
Link to access the Press release – Recommendations of 40th GST council related to Law & Procedure
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