Recommendations of 40th GST Council Meeting

Recommendations of 40th GST Council Meeting

MEASURES FOR TRADE FACILITATION

Relief for small taxpayers for subsequent tax peroids (May, June & July 2020)

In wake of COVID-19 pandemic, for taxpayers having aggregate turnover upto Rs. 5 crore, further relief provided by wavier 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). [caption id="attachment_89407" align="aligncenter" width="672"] Recommendations of 40th GST Council Meeting[/caption]

One time extension in period for seeking revocation of cancellation of registration:

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020. [caption id="attachment_89408" align="aligncenter" width="672"] Recommendations of 40th GST Council Meeting[/caption]

Reduction in Late Fees for Past Returns:

As a measure to clean up pendency in return filing, late fees for non-furnishing FORM GSTR-3B for the tax period from July 2017 to January 2020 has been reduced/ wavied as under:-

• 'NIL' late fee if there is not tax liability;
• Maxium late fee capped at Rs. 500/- per return 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. [caption id="attachment_89409" align="aligncenter" width="672"] Recommendations of 40th GST Council Meeting[/caption]