40th GST Council Meeting
The 40th GST Council Meeting was held today. This was the first Council Meeting after the outbreak of COVID-19.Here are the key decisions that were taken in the 40th GST Council Meeting:
No Late fee on GSTR3B for Nil Tax Liability:
Late fee capped to Rs 500 on GSTR-3B
Taxpayers with tax liability but have not filed return the late fee on GSTR-3B has been capped to Rs 500.
Those who have not filed their GSTR-3B return can file it till September 30.
Relief to small taxpayers:
A further relief is given to small taxpayers with turnover up to 5 crores for the late filing of return for the month of Feb to April. They can file their return till July 6th with no interest and then with a reduced rate of 9% till 30th September.
Small taxpayers with turnover up to 5 crores can file returns for May to July till September 2020. No late fee will be charged till September 2020.
Time extension in period for seeking revocation of cancellation of GST Registration upto 30th September for registration which have been cancelled upto 30th June 2020.
The FM further added that the decision on the Inverted Duty Structure has been postponed for now
CMA Sandeep Kumar