The Key Decisions of 40th GST Council Meeting held on 12 June 2020 are as follows:
1. Nil late fees for GSTR-3B if there is no tax liability, for all those who have not filed GST returns for tax period July 2017 - Jan 2020.
2. For people who have a tax liability, the maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500. This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020.
3. For small taxpayers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%
4. Small taxpayers whose aggregate turnover is up to ₹ 5 crores will be provided with a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020
5. Taxpayers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020, In all cases where registration has been cancelled till June 12, 2020
👍👍👍major reliefs
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