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40th GST Council Meeting Highlights

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

Following relaxation was recommended in GST Council meeting  for filing of GSTR Returns dated 12-06-2020

1. Relaxation for July-17 to Jan 2020 GSTR3B Return

Return

Period

Late Fee

Condition

GSTR 3B

July-17 to Jan 2020

NIL

If no tax liability

Maximum 500 per return in case of liability

GSTR 3B furnished between 1.07.2020 to 30.09.2020

 

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

 

No.

Taxpayer on the basis of

Rate of

Tax Period

Specified dates for filing of GSTR-3B (Condition)

1

Turnover 1.5 Cr-5C

NIL

Feb 20, March

On or before 29th day of June, 202

April,20

On or before 30th day of June, 202

2

Turnover < 1.5Cr

NIL

Feb,20

On or before 30th day of June, 202

March,20

On or before 3rd day of July, 2020

April,20

On or before 6th day of July, 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.

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