40TH GST COUNCIL MEETING KEY HIGHLIGHTS DT. 12.06.2020

40TH GST COUNCIL MEETING KEY HIGHLIGHTS DT. 12.06.2020 “Recommendations of GST council related to Law & Procedure” Finance Minister, Smt

CS Lalit Rajput

Jun 12, 2020

Last update on Jun 12, 2020

40TH GST COUNCIL MEETING KEY HIGHLIGHTS DT. 12.06.2020

“Recommendations of GST council related to Law & Procedure”

Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing today i.e. 12th day of June 2020. GST Council is meeting today for the first time after the nationwide lockdown.

Key Highlights:

Late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: - • ‘NIL’ late fee if there is no tax liability; • Maximum late fee capped at Rs. 500/- per return if there is any tax liability Kindly note that: The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

For small taxpayers (aggregate turnover up to Rs. 5 crore), for the supplies effected in the month of February, March and April, 2020,

• small taxpayers will not be charged any interest till the notified dates for relief (staggered up to 6 July 2020) and thereafter 9% interest will be charged till 30.09.2020.

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40TH GST COUNCIL MEETING KEY HIGHLIGHTS DT. 12.06.2020[/caption] You May Also Like: GST Council Meeting Updates

for taxpayers having aggregate turnover upto Rs. 5 crore,

• further relief provided by waiver of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, 2020 are furnished by September, 2020 (staggered dates to be notified)

an opportunity is being provided for filing of application for revocation of cancellation of registration upto 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020 to facilitate taxpayers who could not get their cancelled GST registrations restored in time. 5. Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 30.06.2020.

About Author

CS Lalit Rajput

Company Secretary

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.