Recommendations of 40th Meeting of GST Council
GST council in its 40th GST Council meeting chaired by Finance Minister Smt. Nirmala Sitharaman has decided to further ease the compliance burden of businesses by providing relief on late fees and interest payable on late payments. Following relaxation were recommended in the GST Council Meeting:
1. Waiver of Late fees payable on delayed filing of GSTR 3B as below:
| Return | Period | Tax Payable | Late fees | Condition |
| GSTR 3B | July 2017 to January 2020 | No | NIL | GSTR 3B furnished between 1.07.2020 to 30.09.2020 |
| GSTR 3B | July 2017 to January 2020 | Yes | Maximum Rs. 500/- per return |
2. Reduction in Interest Payable on delayed filing of GSTR 3B by small taxpayers:
For small taxpayers having aggregate turnover up to Rs. 5 crores, Interest payable on delayed filing returns for the supplies effected in the month of February, March and April 2020, shall be reduced from 18% per annum to 9% per annum till 30.09.2020
This means for these months, small taxpayers will not be charged any interest till the notified due dates for filing (staggered up to 6 July 2020) and thereafter 9% interest will be charged till 30.09.2020.
3. Relief for small taxpayers, waiver of late fees and interest for subsequent tax periods :
For taxpayers having aggregate turnover up to Rs. 5 crore, late fees, and interest will be waived if 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).
4. Extension in period for seeking revocation of cancellation of registration:
Taxpayers who could not restore their canceled GST registrations in time, an opportunity is being provided for filing of an application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been canceled till 12.06.2020.
