Recommendations of GST council related to Law & Procedure
GST
Dated:- 12-6-2020
The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.
The GST Council has made the following recommendations on Law & Procedures changes.
* Measures for Trade facilitation:
* Reduction in Late Fee for past Returns:
As a measure to clean up pendency in return filing, late fee for non-furnishing FORM GSTR-3B for the tax period from Ju
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
till 30.09.2020. In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6th July 2020)and thereafter 9% interest will be charged till 30.09.2020..
*
* Relief for small taxpayers for subsequent tax periods (May, June & July 2020):
In wake of COVID-19 pandemic, for taxpayers having aggregate turnover upto ₹ 5 crore, further relief provided by 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).
*
* One time extension in period for seeking revocation of cancellation of registration:
To facilitate taxpay
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =