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.

GST

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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I am a litigation & arbitration advocate. I am founder of a leading full service law firm AMLEGALS. I handle litigation in indirect taxes, Insolvency & Bankruptcy Code, IPR, Arbitration, Contracts etc in High Courts, Tribunals-NCLT,CESTAT,NCLAT etc, Arbitral Tribunals and various Court of View Full Profile

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