In its 40th GST Council meeting to provide ease to taxpayers, the Finance Minister announced that for taxpayers with Nil liability will need to pay zero late fee on filing GSTR-3B. This is for the period July 2017-2020.
Delhi: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman holds 40th GST Council meeting through video conference. pic.twitter.com/odW1oWoskd— ANI (@ANI) June 12, 2020
Maximum late fee has been capped at Rs 500 per return for those taxpayers who have a tax liability and have not filed GSTR-3B for July 2017-Jan 2020.
Other Reliefs being granted to GST Taxpayers:
- Past returns can be filed between July 1 and September 30
- For small taxpayers with turnover of up to Rs. 5 crore, interest rate has been slashed to 9% from 18% for returns filed for the period Feb-April 2020 after July 6, in a case when a filing is done by September 30.
- Another breather allowed to same category is that returns for the period May to July can be filed until September 30. No late fee will be charged till September 2020.
Further despite the decline in revenues, the Council is not in favour of increasing GST rate on non-essential items.
Further a meeting is deliberate in July for considering compensation cess to be released for states.