40th GST Council meeting is over for the first time amid the Corona crisis. The GST Council has decided to further reduce the compliance burden of businesses by providing relief on late fees and interest payable on late payments.
|40th GST Council Meeting|
40th GST Council Meeting: Big Relief on Late Fee for GST Return Filing
40th GST Council meeting is over for the first time amid the Corona crisis. The GST late fee has brought relief to the troubled businessmen in this meeting through video conferencing led by Finance Minister Nirmala Sitharaman.
The Finance Minister said after the GST Council meeting, that the maximum late fee was fixed at Rs 500 for not filing monthly GST sales returns from July 2017 to January 2020.
That is, before the onset of the coronavirus infection, the late fees of the traders who were liable to tax have been reduced. Those who file returns from 1 July 2020 to 30 September 2020 will also get the benefit.
Registered units with zero GST returns from July 2017 to January 2020 will not incur any late fees.
At the same time, traders with turnover less than Rs 5 crore will have to pay only 9% interest on filing returns between February and June 2020.
Let the state finance minister also participate in this 40th meeting. Apart from Nirmala Sitharaman, Anurag Thakur, Minister of State for Finance and Corporate Affairs, was also present in this meeting.
The special meeting will be held in July to consider the compensation needs of the states.
Giving information about the decisions taken in the meeting at the press conference, Finance Minister Nirmala Sitharaman said that the GST Council is looking at improving the reverse duty structure in the footwear, fertilizer, and textiles sector.
On the question of reporters about the tax on pan masala, she said that it is expected that the tax on pan masala will be considered in the next regular meeting of the GST Council. She said that a special meeting would be held in July to consider the compensation needs of the states.
The @GST_Council under the Chairpersonship of Smt @nsitharaman held its 40th meeting today and took decisions that will significantly reduce the compliance cost and burden for small taxpayers. The decisions are as follows:— NSitharamanOffice (@nsitharamanoffc) June 12, 2020
Let me tell you that earlier in the 39th meeting of the GST Council held in March, there was a discussion on the effect of coronavirus on the economy.
During that time, coronavirus cases were very low in India and the lockdown was not decided.
Finance Minister @nsitharaman chairs 40th @GST_Council meeting; recommendations on Law & Procedures changes made— PIB India (@PIB_India) June 12, 2020
Further relief for small taxpayers (aggregate turnover upto Rs. 5 cr) for late filing of returns for February-April 2020 Tax periods
Details: https://t.co/FObpyjBysl pic.twitter.com/rKCVktsFmC