Goods and Services Tax – GST Dated:- 12-6-2020 – News – The 40 th 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 t
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pecified dates (staggered upto 6 th July 2020) is reduced from 18% per annum to 9% per annum 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 6 th 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
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