Finance Minister Nirmala Sitharaman on June 12 addressed the media after chairing the 40th Goods & Services Tax (GST) Council Meeting.
40th GST Council meeting was held on Friday, 12th June 2020 via video conferencing.
The meeting was the first one after COVID-19 broke out in India and cases are rising at an alarming rate. Further, discussions on GST compensation, inverted tax structure, the possibility of rate rationalization were postponed to the next council meeting.
A special meeting will be held in July 2020 only to discuss about GST compensation to states and ways to fund the same.
Highlights of 40th GST Council Meeting dated 12th June 2020
Following relaxation was recommended in GST Council Meeting for filing of GSTR Returns dated 12-06-2020
1 Relaxation for July-17 to Jan 2020 GSTR3B Return
2 As per the earlier issued a notification no. 31/2020 issued below specified date was notified to file GSTR-3B for small taxpayers, now relaxation was provided to small taxpayers by reducing the rate of interest for filing GSTR3B for the period Feb 20 to April 20 beyond specified dates to 9% P.A from 18% if the filing is done till 30.09.2020
3. Relaxation for Taxpayers having aggregate turnover up to Rs. 5 Crore by waiver of late fee and Interest if the GSTR3B for the period May 2020 to July 2020 are furnished by sep 2020 ( dates to be notified ).
4 One time Extension in period for seeking revocation of cancellation of registration
To faciliate tax payers who could not filed their cancelled gst registration resorted in time , an approtunity is being provided for filing of application of revocation of cancellation registration up to 30.09.2020 in all cases where registration have been cancelled till 12.06.2020.
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