GST Update – Announcements made in 40th GST council meeting
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Waiver/ Reduction in Late Filling Fees |
Relief to small tax payers (turnover up to 5cr.) for late filling of returns for Feb-April 2020 |
Relief to small tax payers (turnover up to 5cr.) for late filling of returns for May-July 2020 |
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Late filing fees waived for the period July 2017 to Jan. 2020 in case there is not tax payable provided returns are filed during 1-7-20 to 30-9-20. It means GSTR 3B with only ITC or zero outward supplies can be filed without late filing fees |
If returns for the month of Feb, March and April are filed before notified date, no interest will be charged. Thereafter, interest will be charged @9% p.a. instead of 18% upto 30th Sept. 2020 |
No interest and late filing fees will be levied in case returns for the months of May, June, July 2020 are filed before Sept. 2020. State wise date will be notified separately |
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In cases where there is tax liability, max. late filing fees will be capped to 500/- |
- Application for revocation of registration can be filed till 30th Sept. for the registration cancelled up to 12th June, 2020
- No further relief provided to large tax payers (turnover > 5cr.) in filing of returns
- No relief provided in rules related to filing of GST refund claims which was expected
- Announcements made as above will be notified through notification in due course
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The purpose of this blog is for education purpose and should not be construed as professional advice. Views expressed herein are the personal views of the author. Government or judicial authorities may or may not subscribe to the views expressed herein. Author of the blog is not liable for any implications arising out of actions taken based on the views expressed herein.