Deepak Gupta | Sep 2, 2021 |
45th GST Council Meeting to be held on 17th Sep
According to Twitter, Nirmala Sitharaman, the finance minister, will preside over the 45th GST Council meeting on September 17th, 2021 in Lucknow.
The council members will debate a number of unresolved problems, including state compensation and GST rate revisions for Covid necessities.
You May Also Refer: 43rd GST Council Meeting Decisions: Official Press Release
For small taxpayers with a turnover of less than Rs. 2 crores, filing an annual return will remain optional in 2020-21. Taxpayers having a turnover of Rs. 5 crores or more are required to submit reconciliation statements for the fiscal year 2020-21.
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In addition, late fines have been reduced. The maximum late fee has been decreased
To reduce burden of late fee on taxpayers, the late fee is being capped, as follows:
| Category of Taxpayers | Maximum amount of Late Fee |
| Taxpayers having nil tax liability/ nil outward supplies | Rs. 500/- (Rs. 250/- each for CGST & SGST) per return |
| Other Taxpayers | |
| For taxpayers having aggregate turnover in preceding FY upto Rs. 1.5 crores | Rs. 2000/- (Rs. 1000/- each for CGST & SGST) per return |
| For taxpayers having aggregate turnover in preceding FY between Rs. 1.5 crores to Rs. 5 crores | Rs. 5000/- ( Rs. 2500/- each for CGST & SGST) per return |
| For For taxpayers having aggregate turnover in preceding FY above Rs . 5 crores | Rs. 10000/- ( Rs. 5000/- each for CGST & SGST) per return |
To provide relief to small taxpayers, an amnesty scheme has been recommended for reducing late fees To benefit around 89% of GST taxpayers, they can file pending returns, avail benefits of the scheme, with reduced late fees
Taxpayers can now take benefit of amnesty scheme along with applying for revocation of canceled GSTN
The same formula as last year will be used this year for the GST compensating cess. The Centre will have to borrow Rs. 1.58 lakh crore and pass it on to the States, according to a rough estimate.
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