The 40th GST Council meeting in India was held on 12 June 2020. The Council made the following recommendations:
- Reduction in late fee for past GSTR-3B returns: Late fee for non-furnishing GSTR-3B Form for the period from July, 2017 to January, 2020 has been reduced or waived. The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01 July 2020 to 30 September 2020.
- Relief for small taxpayers for late filing of GSTR-3B: Small taxpayers (turnover up to 5 crore), for the supplies effected in the month of February, March and April 2020; interest rate for late furnishing of return for the mentioned period beyond specified dates, staggered up to 6 July 2020 is reduced from 18% to 9% per annum till 30 September 2020.
- Relief for small taxpayers in filing GSTR-3B for subsequent tax periods: For small taxpayers, 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.
- One-time extension in period for seeking revocation of cancellation of registration: To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation up to 30.09.2020, in cases where registrations have been cancelled till 12 June 2020.
Source: GST
