40th GST Council Meeting - Highlights and News
40th GST Council meeting was held on Friday, 12th June 2020 via video conferencing.
40th GST Council meeting chaired by the Union FM Nirmala Sitharaman and made important announcements on GST return late fee waiver, reduced interest rate further being extended on account of COVID-19 crisis.
The meeting was the first one after COVID-19 broke out in India and cases are rising at an alarming rate. Further, discussions on GST compensation, inverted tax structure, possibility of rate rationalisation were postponed to the next council meeting. A special meeting will be held in July 2020 only to discuss GST compensation to states and ways to fund the same.
Recommendation of 40th GST Council Meeting dated 12th June 2020
1. Relaxation for July-17 to Jan 2020 GSTR3B Return
2. Relaxation was provided to small taxpayers by reducing the rate of interest for filing GSTR3B for the period Feb 20 to April 20 beyond specified dates to 9\\% pa. from 18\\% if filing is done till 30.09.2020
3. Relaxation for Taxpayers having aggregate turnover up to Rs. 5 Crore by waiver of late fee and Interest if the GSTR3B for the period May 2020 to July 2020 are furnished by sep 2020 ( dates to be notified).
4.One time Extension in period for seeking revocation of cancellation of registration To facilitate taxpayers who could not filed their cancelled gst registration resorted in time , an opportunity is being provided for filing of application of revocation of cancellation registration up to 30.09.2020 in all cases where registration have been cancelled till 12.06.2020.