Key Decision and Recommendations of 40th GST Council Meeting
GSTR-3B for May, June and July 2020 for small taxpayers
Relief for small taxpayers (aggregate turnover uptoRs. 5 crore) | GSTR-3B for May, June and July, 2020
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)
Revocation of cancellation of registration
Where a registration has been cancelled till 12th June, 2020; Opportunity is being provided for filing of application for revocation of cancellation of registration up to 30th September, 2020.
Reduction in Late Fees
Reduction in Late Fees | July 2017 – January 2020
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- NIL Liability – NIL Late Fees
- Maximum Late Fees – INR 500 per return if there is liability
Applicable for all GSTR-3B filed between 1st July, 2020 to 30th September 2020.
Further Reliefs for small taxpayers | Feb, March and April 2020
Relief for small taxpayers (aggregate turnover uptoRs. 5 crore) | Interest on late filing of February, March and April 2020
Rate of interest for late filing beyond staggered due dates is reduced from 18% per annum to 9% per annum till 30th September, 2020.
In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6 July 2020)and thereafter 9% interest will be charged till 30.09.2020.
Finance Act, 2020 | Applicable from 30th June 2020
Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 06.2020.
Press Release on Recommendations of GST council related to Law &Procedure
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Mr. Setia is a CA by Profession and expert in the field of Indirect Taxation Based in Delhi. Rich experience of over 5 year.