The 40th GST Council took place on 12th June, 2020 and the key decisions taken by the Council are mentioned below:
Waiver of Late Fee for Past Return
Proposal – No late fee for delayed filing of GSTR-3B for the period July, 2017 to January, 2020.
Applicability – For taxpayer having ‘NIL liability’ during the aforementioned period.
Condition – File GSTR-3B for the said period between 1st July, 2020 to 30th September, 2020
Reduced Late Fee for Past Returns
Proposal – Maximum Late fee capped at Rs. 500/- per return for delayed filing of GSTR-3B for the period July, 2017 to January, 2020.
Applicability – For taxpayer having ‘Tax liability’ during the aforementioned period.
Condition – File GSTR-3B for the said period between 1st July, 2020 to 30th September, 2020.
Concessional Interest due to Covid 19
Proposal – To levy interest @9% p.a. instead of 18% p.a. on delayed payment of taxes.
Applicability – For taxpayer having turnover upto Rs. 5 Crore.
Period – February, 2020 to April, 2020
Condition – File GSTR-3B for the said period till 30th September, 2020 (staggered dates will be notified)
Waiver of Interest & Late Fee due to Covid 19
Proposal – No interest on delayed payment of taxes and No late fee on delayed filing of GSTR-3B.
Applicability – For taxpayer having turnover upto Rs. 5 Crore.
Period – May, 2020 to July 2020
Condition – File GSTR-3B for the said period till 30th September, 2020 (staggered dates will be notified)
Revocation of Cancellation of Registration
Proposal – Filing of application for revocation of cancellation of registration shall be allowed upto 30th September, 2020
Applicability – For taxpayer whose registration has been cancelled till 12th June, 2020.
Implementation of Finance Act, 2020
The Council proposed to implement certain amendments made under CGST Act, 2017 and IGST Act, 2017, vide Finance Act, 2020, w.e.f. 30th June, 2020.
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