GST Late fee waiver and recommendations of 40th GST council meeting

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The GST Council has made the following recommendations on Law & Procedures changes as per 40th GST Council meeting dated June 12, 2020.
GST Late fee waiver and recommendations of 40th GST council meeting

✅Conditional reduction in the Late Fee for period of July 2017 to Jan-2020

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

 SrCategory of tax returns Late fees 
1 Returns with no tax liability  Rs. 0.00 (Zero)
2 Returns with tax liability  Maximum late fees Rs.500/- per return

➥Condition to avail this waiver : Pending returns are file between the period of July 1, 2020 to September 30,2020

✅ Conditional reduced interest rate for the small taxpayers having aggregate turnover up to Rs 5 Cr

Small taxpayers will not be charged any interest for the returns of months of February, March, April 2020 till the notified dates for relief (staggered up to 6th July 2020)and thereafter 9% interest will be charged up to 30th September 2020.

➥Condition to avail this reduced interest: Returns should be filed till 30th September 2020. beyond this date regular interest at 18% will be applicable.

✅ Conditional waiver of late fees and interest for small taxpayers for the returns of the months of May, June & July 2020

Small taxpayers (having aggregate turnover up to Rs. 5 crore) relief provided by way of 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).

➥Condition to avail this reduced interest: Returns should be filed by September 2020 (staggered dates to be notified).

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

Taxpayers whose GST registration is cancelled till 12th June 2020, can apply for revocation of cancellation of registration by 30th September 2020

Note: These are the recommendation by the GST council meeting. This would be implemented through relevant Circulars/Notifications which alone shall have the force of law.

#https://pib.gov.in/PressReleseDetail.aspx?PRID=1631127

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