40th GST Council meet: Key decisions and recommendations made by GSTC
New Delhi: The 40th GST council assembly, first since lockdown, was held on Friday beneath the chairmanship of Finance Minister Nirmala Sitharaman.
The GST Council has made the next suggestions on Law and Procedures adjustments.
Reduction in Late Fee for previous Returns
As a measure to wash up pendency in return submitting, late price for non-furnishing FORM GSTR-3B for the tax interval from July, 2017 to January, 2020 has been diminished / waived as beneath: –
-‘NIL’ late price if there isn’t a tax legal responsibility
-Maximum late price capped at Rs 500 per return if there may be any tax legal responsibility
The diminished price of late price would apply for all of the GSTR-3B returns furnished between July 01, 2020 to September 30, 2020.
Further aid for small taxpayers for late submitting of returns for February, March & April 2020 Tax intervals
For small taxpayers (combination turnover upto Rs 5 crore), for the provides effected within the month of February, March and April, 2020, the speed of curiosity for late furnishing of return for the mentioned months past specified dates (staggered upto sixth July 2020) is diminished from 18% every year to 9% every year until September 30, 2020. In different phrases, for these months, small taxpayers is not going to be charged any curiosity until the notified dates for aid (staggered upto sixth July 2020) and thereafter 9% curiosity will probably be charged until September 30, 2020.
Relief for small taxpayers for subsequent tax intervals (May, June & July 2020)
In wake of COVID-19 pandemic, for taxpayers having combination turnover upto Rs 5 crore, additional aid supplied by waiver of late charges and curiosity if the returns in FORM GSTR-3B for the provides effected within the months of May, June and July, 2020 are furnished by September, 2020 (staggered dates to be notified).
One time extension in interval for looking for revocation of cancellation of registration
To facilitate taxpayers who couldn’t get their cancelled GST registrations restored in time, a chance is being supplied for submitting of software for revocation of cancellation of registration as much as September 30, 2020, in all instances the place registrations have been cancelled until June 12, 2020.
Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be introduced into drive from June 30, 2020.
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