GUWAHATI: The Finance Minister Nirmala Sitharaman chaired the 40th GST Council Meeting on June 12.
From proceedings of the meeting, it was evident that the Finance Ministry is not in favor of increasing GST rates on non-essential commodities despite the depression in collection of revenue nationwide.
The following are recommendations made post the 40th GST Council Meeting held regarding Law and Procedure changes:
- ‘NIL’ late fee for filing GSTR-3B for the period July 2017 to January 2020, if there is no tax liability.
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- Maximum late fee of Rs. 500/- per return for filing GSTR-3B for the period July 2017 to January 2020, if there is any tax liability.
- The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020.
- No interest payment shall be required for small taxpayers (turnover upto Rs. 5 Crore) for their supplies during February, March and April 2020, if the return is filed till 06.07.2020. Further, the Rate of interest has been reduced from 18% to 9%, for filing return beyond 06.07.2020 but till 30.09.2020.
- The interest relief for late payment of tax for the month May to July 2020 for supplies by small taxpayers (turnover upto Rs. 5 Crore) shall be notified, very soon.
- The cancelled registration shall be restored on filing of application for revocation of cancelled registration by 30.09.2020, if registration has been cancelled till 12.06.2020.
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