40th GST Council Meeting Highlights – Relief for Taxpayers

40th GST Council Meeting held today i. e. 12.06.2020 through video conferencing under the chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. This is the first GST Council Meet Post Lockdown.

Key highlights and recommendations related to Law and Procedures made in the meeting –

• Waived late fee for non-filing of GSTR-3B for the tax period from July 2017 to January 2020 when tax liability is Nil and reduced up to Maximum Rs. 500/- per return if there is any tax liability.

• Reduced interest rate from 18 p.a. to 9 % p.a. for small taxpayers for late filing of return up to 30.09.2020 for the supplies made in February, March and April

• Waived late fees and interest for small taxpayer for the supplies made in May, June and July if the return is filed by September, 2020

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