The 40th GST Council took place on 12th June, 2020 and the key decisions taken by the Council are mentioned below:
Waiver of Late Fee for Past Return
Proposal – No late fee for delayed filing of GSTR-3B for the period July, 2017 to January, 2020.
Applicability – For taxpayer having 'NIL liability' during the aforementioned period.
Condition – File GSTR-3B for the said period between 1st July, 2020 to 30th September, 2020
Reduced Late Fee for Past Returns
Proposal – Maximum Late fee capped at Rs. 500/- per return for delayed filing of GSTR-3B for the period July, 2017 to January, 2020.
Applicability – For taxpayer having 'Tax liability' during the aforementioned period.
Condition – File GSTR-3B for the said period between 1st July, 2020 to 30th September, 2020
Concessional Interest due to Covid 19
Proposal – To levy interest @9% p.a. instead of 18% p.a. on delayed payment of taxes.
Applicability – For taxpayer having turnover upto Rs. 5 Crore.
Period – February, 2020 to
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