40th GST Council Meeting - Highlights and Latest News
Category: Updates and Press Releases, Posted on: 07/07/2020 , Posted By: Webtel

40th GST Council Meeting - Highlights and Latest News
The 40th GST Council meeting was conducted on Friday, 12th June 2020 via video conferencing. The Finance Minister Nirmala Sitharaman chaired this meeting. Following are the highlights of recommendations made by the GST Council for changes in the law, procedure, and GST rates. Majorly, the GST Council has decided to further ease the compliance burden of businesses by providing relief on late fees and interest payable on late payments.

Highlights of the 40th GST Council Meeting:

  1. Late Filing Fee for GSTR-3B
  2. Return period

    1/7/2017

    31/1/2020

    Filing from

    1/7/2020

    30/9/2020


    GST Payable

    Late Filing Fee of GSTR-3B

    No

    Nil

    Yes

    Maximum Rs.500 per return


  1. Interest Relief & Late Fee Waiver for Small Tax Payers from February to April
  2. Rate of Interest

    Late Fee

    Till specified dates

    0% pa

    Nil

    Till 30/9/2020

    9% pa

    Applicable

    Wef 1/10/2020

    18% pa

    Applicable

    Specified Dates

    Turnover

    Feb

    March

    April

    Upto 1.50 cr

    30/6/2020

    3/7/2020

    6/7/2020

    1.50 cr - 5 cr

    29/6/2020

    29/6/2020

    30/6/2020


  1. Interest Relief & Late Fee Waiver for Small Tax Payers from May to July
  2. Rate of Interest

    Late Fee

    Till 30/9/2020 (staggered dates)

    0%

    Nil

    wef 1/10/2020

    18% pa

    Applicable

    Specified Dates

    Turnover

    May

    June

    July

    State 1

    State 2

    State 1

    State 2

    State 1

    State 2

    Upto 1.50 cr

    12/7/2020

    14/7/2020

    22/7/2020

    24/7/2020

    22/8/2020

    24/8/2020

    1.50 cr - 5 cr

    12/7/2020

    14/7/2020

    22/7/2020

    24/7/2020

    22/8/2020

    24/8/2020


  1. Restoration of Registration
  2. Registration Cancelled Till

    12/6/2020

    Filing of Application for Revocation of Cancellation of Registration

    30/9/2020


For any questions or queries regarding GST Updates, please write to contactus@webtel.co.in or simply comment to this article.

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