Key Recommendations of 40th GST Council Meeting
With the main focus on easing compliance for the small taxpayer, GST council had made following recommendations in its 40th GST council meeting held on 12.06.2020:
Late Fee exemptions for Past Returns
Late fee for tax period Jul-17 to Jan-20, if filed between 01.07.2020 to 30.09.2020, will be:
- NIL, if there is no tax liability in any tax period;
- Otherwise maximum late fees capped to Rs. 500 for a tax period.
Exemption from Interest for tax period from Feb-20 to Apr-20
For taxpayers having aggregate turnover upto Rs. 5 crores
- No Interest chargeable till notified dates for relief (staggered upto 06.07.2020)
- After that, Interest @9% to be charged till 30.09.2020
Waiver of interest for tax period from May-20 to Jul-20
For taxpayers having aggregate turnover upto Rs. 5 crores, if GSTR-3B for May-20 to Jul-20 is filed by Sep-20 (staggered dates to be notified).
Application for revocation of cancellation of registration, where registrations have been cancelled till 12.06.2020, can be filed upto 30.09.2020.
Source: Press Release issued by PIB dated 12.06.2020