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.

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