Key decisions and recommendations in 40th GST concil meeting

The 40th GST council meeting, first since lockdown, was held on Friday under the chairmanship of Finance Minister Nirmala Sitharaman.

The GST Council has made the following recommendations on Law and Procedures changes.

Reduction in Late Fee for past Returns

As a measure to clean up pendency in return filing, late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: –

-‘NIL’ late fee if there is no tax liability

-Maximum late fee capped at Rs 500 per return if there is any tax liability

The reduced rate of late fee would apply for all the GSTR-3B returns furnished between July 01, 2020 to September 30, 2020.

Leave a Comment

Your email address will not be published. Required fields are marked *