40th GST
Council Meeting
1. Late
Fee reduction
In the
40th GST Council meeting the late fee of the period from July 2017 to January
2020 are reduced to zero in case of NIL tax liability or maximum Rs.500 in case
of any tax liability.
Note :
these rate are also applicable for the returns filed between 1st July 2020 to
30th September 2020.
2. Relief
for small taxpayers
40th GST
Council have also discussed about small taxpayers who has turnover up to Rs.5
Cr. Interest rate on the late tax payment, reduced to 9% till 30th September
2020, and if the return of February 2020, March 2020, April 2020 filed before
6th July 2020 no Interest.
The small
taxpayer who has turnover up to Rs.5 Cr additional relief provided by waiver of
late fees and interest if GSTR 3B for the months of May 2020, June 2020, July
2020 are filed by September 2020.
3. Revocation of cancellation of registration
The taxpayer who could not get their cancelled GST registration restored in time now they can file the application of revocation of cancellation of registration up to 30/092020, In all cases where registration have been cancelled till 12/06/2020.