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40th GST Council Meeting held on 12thJune 2020 by Video Conferencing (Highlights)

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  • The government also provided some relief for small taxpayers (with no liability) by removing the late fee for GSTR 3B filing. However, returns with liability will attract Rs. 500 as the maximum amount for the late fees

  • Or small taxpayers having turnover up to 5 crores, the rate of interest for filing the GST returns with delay for the month of Feb, Mar and April 2020, beyond July 6, 2020, has been reduced to 9%, which was 18% earlier

  • Small taxpayers having turnover up to 5 crores will be not charged with any late fee or interest if thy successfully file the form GSTR-3B for the supplies of May, June, and July month, by September 2020.

  • The government also provided some relief for small taxpayers (with no liability) by removing the late fee for GSTR 3B filing. However, returns with liability will attract Rs. 500 as the maximum amount for the late fees

  • The 40th GST Council meeting is still in progress, but the virtual media briefing gets delayed. Now it will be conducted when the GST Council meeting will be finished

  • Besides Finance Minister Nirmala Sitharaman Ji, Anurag Thakur, states’ & UTs finance ministers and senior Indian government officers join the meeting

  • The 40th GST Council meeting has started via video conferencing with states finance ministers. Also, the finance minister of India will brief the coverage to media after 12:45 pm.



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Blog source : GST Council official





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