The GST Council has made the following recommendations on Law &Procedures changes during the 40th GST Council Met under the Chairmanship of Union Finance &Corporate Affairs Minister Smt Nirmala Sitharaman
Reduction in Late Fee for past Returns:
As a measure to clean up pendency in return filing, late fee for non-furnishing FORM GSTR3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under
Recommendation
| Return Type | Return Period | Late Fees Payable in case of | Return to be filed between | |
| NIL Return |
Tax payable Return |
|||
| GSTR 3B | Jul’20 17 To Jan’2020 |
NIL | Rs. 500 per Return | 0 1.07.2020 To 30.09.2020 |
Earlier
Late Fees was charged as follows:
| NIL Return | Tax Payable Return | Maximum Late Fees |
| Rs. 20 Per Day | Rs. 50 Per Day | Rs. 10,000 |
Relief for small taxpayers for late filing of Returns for February, March &April 2020 Tax periods:
Aggregate Turnover < Rs. 5 Cr. in Preceding FY
Recommendation : Extended Due dates are :
| Tax Period | Interest – NIL | Interest @ 9% | Interest @ 18% | |
| GSTR 3B Filed | GSTR 3B Filed | GSTR 3B Filed | ||
| On /Before | After | Before | Any Time After | |
| Feb-20 Mar-20 Apr-20 | 06/07/20 (Staggered ) | 06/07/20 (Staggerd) | 30/09/20 | 30/09/20 |
(Detailed bifurcation/ information is yet to be notified)
Earlier Vide Notification No : 31/2020–Central Tax dated 3rd April 2020 following dates were specified
| Tax Peri od | Extended Due Date | Interest | Date from which Interest payable | |||
| Rs. 5 Cr.> Turnover > Rs. 1.5 Cr. | Turnover < Rs. 1.5 Cr. | If filed BEFORE Extended Due date | If Filed AFTER Extended Due Date | ** State List I | ** State List II | |
| Feb -20 | 29/06/20 | 30/06/20 | NIL | 18% | 23/03/20 | 25/03/20 |
| Mar -20 | 29/06/20 | 03/07/20 | NIL | 18% | 23/04/20 | 25/04/20 |
| Apr- 20 | 30/06/20 | 06/07/20 | NIL | 18% | 23/05/20 | 25/05/20 |
Relief for small taxpayers for subsequent tax periods (May, June &July 2020
Aggregate Turnover < Rs. 5 Cr. in Preceding FY
| Period | Interest | Late Fees | If GSTR 3B filed Before |
| May-20 Jun-20 Jul-20 | NIL | NIL | 30/09/20 |
(Staggered dates to be notified)
One time extension in period for seeking revocation of cancellation of registration:
To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.
| All Registrations cancelled upto |
Extended date for filing Revocation |
| 12/06/2020 | 30/09/2020 |
Press Release (Click here) : Recommendations of 40th GST council meet related to Law & Procedure dated 12.06.2020
Note: The recommendations of the GST Council have been presented in this release in simple language for information of all stakeholders. The same would be given effect through relevant Circulars/Notifications which alone shall have the force of law.
Author Bio
Respected Madam,
I am Tax Consultant, in Coimbatore practicing for the past 32 years.
Thank you for your articles with full column showing all the details of 40th GST Council meeting. I register my appreciation for your good work.