40th GST Council meet, first since lockdown: No late fee for GST returns filing for entities with nil tax liability
New Delhi: The 40th GST council assembly, the primary since lockdown, was held on Friday below the chairmanship of Finance Minister Nirmala Sitharaman.
In line with expectations the federal government has thought-about revising late submitting price for returns from July 2017 to January 2020.
For the interval from July 2017 to Jan 2020, which is previous to COVID19 interval, numerous return submitting has been pending. FM mentioned that there can be no late price will for delayed submitting of GST returns by registered entities with nil tax legal responsibility between July 2017 to January 2020.
Briefing reporters after GST Council assembly, FM Sitaraman mentioned that late price for non-filing of month-to-month gross sales return for others has been diminished to a most of Rs 500 for July 2017 to January 2020 interval.
Among the foremost discussions that the Council held was inverted responsibility construction hitting GST collections. FM mentioned council additionally mentioned inverted responsibility construction in textile.
In the subsequent assembly, choice can be taken on tobacco associated objects as demanded by UP minister.
The GST Council has determined to scale back rate of interest on late GST submitting by half to 9 % for small corporations. Additionally, there can be no late price for May to July returns for small corporations.
GSTC may even think about borrowing to fund compensation. Tax payers who couldn’t get cancelled GST registrations restored in time are being given a chance to use for revocation of cancellation of registration as much as September 30, 2020, in all instances the place registration has been cancelled until June 12, 2020.
The GST Council assembly in July will talk about compensation cess.
Others attending the assembly had been MoS Finance Anurag Thakur, Finance Ministers of States and Union Territories and Senior officers from Union Government and States.
The 39th assembly of GST Council was held in March, which proposed rationalisation of taxes on many objects. The nationwide lockdown was introduced by Prime Minister Narendra Modi on March 24 for 21 days within the first leg in a bid to comprise the unfold of novel coronavirus. It was then prolonged until May three after which once more until May 17. The fourth section of lockdown is in place until May 31.
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